The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

President Donald Trump said Wednesday it’s “highly unlikely” that he’ll fire Federal Reserve Chair Jerome Powell after signaling otherwise a day earlier in a private meeting with lawmakers.

Gold prices dipped on Thursday, pressured by a firmer dollar and easing market tensions after U.S. President Donald Trump said it was "highly unlikely" he would dismiss Federal Reserve Chair Jerome Powell.

Reports that President Trump was planning to fire Federal Reserve Chairman Jerome Powell sent stocks and the U.S. dollar tumbling on Wednesday, while long-dated Treasury yields charged higher.

President Donald Trump denied that he plans to fire Federal Reserve Chairman Jerome Powell, contradicting a senior White House official. House Republicans said Trump spoke about the plan Tuesday night.

The White House is looking for any possible way to discredit Jerome Powell right now," said Stephen Moore, an informal Trump economic adviser.

The president indicated to Republican lawmakers that he is likely to attempt to remove the Fed chair from his job soon.

Treasury Secretary Scott Bessent said about finding a successor to Fed Chair Jerome Powell, whose term ends in May 2026: “There’s a formal process that’s already starting. There are a lot of great