White House economic adviser Larry Kudlow on Tuesday said U.S. President Donald Trump is not considering any changes to Fed Chairman Jerome Powell’s status following a report that the White House had explored the possibility of demoting him.
Kudlow spoke to reporters at the White House ahead of the U.S. Federal Reserve’s meeting this week that comes amid mounting pressure from the Republican president to cut interest rates. The Fed is expected to leave rates unchanged but could lay the groundwork for a cut later this year.
“The Fed is independent. They’ll act on their own time, in their own way,” Kudlow said.
Bloomberg News, citing people familiar with the matter, reported earlier on Tuesday that the White House had looked into the legality of demoting Powell in February soon after Trump discussed firing the Fed chairman.
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