Trump admits that firing the central bank chief would destabilize the market

Federal Reserve Chairman Jerome Powell answers questions from reporters following the regular Federal Open Market Committee meetings at the Fed on July 30, 2025 in Washington, DC. (Getty Images via AFP)
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Updated 02 August 2025
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Trump admits that firing the central bank chief would destabilize the market

WASHINGTON: US President Donald Trump said on Friday that Federal Reserve Chair Jerome Powell will “most likely” stay in his position even as Trump sharply criticized the Federal Reserve’s policies.

In an interview with Newsmax that aired on Friday, Trump said he would remove Powell “in a heartbeat” and said the Fed’s interest rate was too high but added that others have said Powell’s removal would “disturb the market.”
“He gets out in seven or eight months and I’ll put somebody else in,” Trump said. 

In a post on his Truth Socia platform earlier, Trump said “Powell should resign, just like Adriana Kugler, a Biden Appointee, resigned.” 


Russia is preparing for contacts with the United States on Ukraine, the Kremlin says

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Russia is preparing for contacts with the United States on Ukraine, the Kremlin says

MOSCOW: The Kremlin said on Thursday that Russia was preparing for contacts with the United States to get details about US talks with European powers and Ukraine on a possible peace settlement to end the Ukraine conflict.
Politico reported that US and Russian officials are expected to meet in Miami at the weekend, and that the Russian delegation would include Russian President Vladimir Putin’s investment envoy Kirill Dmitriev.
When asked about media reports about a meeting in Miami, Kremlin spokesman Dmitry Peskov told reporters that contacts were planned with the United States.
“We are indeed preparing certain contacts with our American counterparts in order to receive information about the results of the work that the Americans have done with the Europeans and with Ukraine,” Peskov said.
The United States has held talks with Russia, and separately with Kyiv and European leaders, on proposals for ending the war in Ukraine but no deal has been reached.
Putin said on Wednesday that
Russia would take more land
in Ukraine by force if Kyiv and European politicians whom he cast as “young pigs” did not engage over US proposals for a peace settlement.
European leaders say they stand with Kyiv and that if Russia wins in Ukraine then Moscow will one day attack a NATO member. The Kremlin has repeatedly dismissed claims that Russia would attack a NATO member as nonsense.
Russia controls 19.2 percent of Ukraine, including the Crimea peninsula which it annexed in 2014, as well as most of the eastern Donbas region, much of the Kherson and Zaporizhzhia regions, and slivers of four other regions.