President Donald Trump has a contentious relationship with Federal Reserve Chairman Jerome Powell, whom he recently denounced as a "major loser."

Yet despite their growing tensions, Trump recently insisted that he has no intention of firing the chairman.  

Trump blames firing rumor on press speculation

According to Breitbart, the president made his position clear when speaking with reporters at the White House on Tuesday, saying, "No. None whatsoever. Never did. The press runs away with things."

.@POTUS on Fed Chair Jerome Powell: "I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates ... but, no, I have no intention to fire him." pic.twitter.com/PoWuuCqUwT

— Rapid Response 47 (@RapidResponse47) April 22, 2025

"No, I have no intention of firing him," he continued before adding. "I would like to see him be a little more active in terms of his idea to lower interest rates. This is a perfect time to lower interest rates."

Breitbart noted how Trump's comments came just one day after he had lashed out at the Federal Reserve Chairman in a post on Truth Social.

President calls Powell "Mr. Too Late, a major loser"

"'Preemptive Cuts” in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other 'things' trending down, there is virtually No Inflation," Trump noted.

"With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already 'lowered' seven times," the president asserted.

Trump then went on to accuse Powell of having engaged in political interference on behalf of Democrats during last year's presidential race.

"Powell has always been 'To Late,' except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?" he added.

Powell predicts that tariffs will raise inflation

For his part, Powell has raised doubts regarding the president's tariff policies in a speech earlier this month, alleging that they could cause inflation to spike.

"The level of the tariff increases announced so far is significantly larger than anticipated. The same is likely to be true of the economic effects, which will include higher inflation and slower growth," he declared.

CBS News noted that Scott Helfstein serves as head of investment strategy at Global X, and he reiterated Powell's concerns.

He argued that "the Fed is likely going to widen their bands growth and rates with risks to both price stability and full employment rising."