Trump Believes He Has the Authority to Replace Powell at Fed
- President is not planning to demote Fed chairman, for now
- Powell says he will serve his full term despite criticism
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President Donald Trump has told confidants as recently as Wednesday that he believes he has the authority to replace Jerome Powell as chairman of the Federal Reserve Board, according to people familiar with the matter.
In Trump’s line of thinking, he could demote Powell to be a board governor, but isn’t planning to do so right now, the people added.