In a January 14, 2026 interview with Reuters, President Donald Trump said he had “no plan” to remove Federal Reserve Chair Jerome Powell. He also described their situation as a “holding pattern” and said it was “too soon” to decide what to do. The answer was not a firm promise to keep Powell in the job.
What did Trump say about firing Jerome Powell?
Asked by Reuters on January 14, 2026, whether he would try to remove Powell, Trump replied: “I don’t have any plan to do that.” He added: “Right now, we’re (in) a little bit of a holding pattern with him, and we’re going to determine what to do. But I can’t get into it. It’s too soon. Too early.” The remarks combined an expressed lack of a plan with an explicit refusal to rule out a later decision. Reuters’ interview report, republished by Investing.com, is the contemporary account of the exchange.
Why was Powell under investigation?
The remarks came after the Justice Department opened a criminal investigation related to Powell’s congressional testimony about renovation costs at the Federal Reserve headquarters. Powell denied wrongdoing and said the investigation was a pretext to pressure him over his refusal to cut interest rates as Trump wanted. Reuters reported that Trump had repeatedly pressed Powell to lower benchmark rates faster or by more.
The distinction matters: the investigation concerned testimony about renovation costs, while Powell linked it to the separate dispute over interest-rate policy. The January interview did not resolve either the investigation or that disagreement.
Recommended Free Tools
#1 Best Overall
What did the Fed watchdog find about the renovation?
A September 2026 evaluation by the Federal Reserve Board Office of Inspector General found no reasonable grounds during its evaluation to believe that a federal criminal-law violation had occurred that required referral to the U.S. Attorney General. It also said it did not identify administrative misconduct during the evaluation. Those findings do not mean the project was well managed: the OIG identified significant weaknesses in cost management, governance, oversight and contract execution. The OIG evaluation sets out both the limits of its findings and its criticism of project controls.
The OIG’s figures use different budget and contract categories, so they should not be treated as interchangeable:
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
| Figure | What it describes |
|---|---|
| $2.381 billion | Board-approved budget for the Eccles-1951 renovation project in December 2024, as reported in the OIG’s September 2026 evaluation. |
| $2.018 billion | Construction portion of that December 2024 budget, according to the same evaluation. |
| $2.135 billion | Proposed construction cost the Board received from its construction manager in January 2026, according to the OIG. |
| $2.5 billion | Reuters’ description of the renovation project; it is a rounded project figure, not the same defined budget measure as the OIG amounts. |
The OIG’s finding about criminal referral and its criticism of management address different questions: the former concerns evidence of a federal criminal-law violation within the evaluation; the latter concerns how the project was governed and controlled.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Jerome Powell still Fed chair?
No. The January 2026 Reuters interview described Powell as chair and said his four-year chair term ended in May 2026. That role has a separate term from membership on the Federal Reserve Board of Governors. As of October 2026, the Federal Reserve lists Kevin Warsh as chairman and Powell as a governor. The Federal Reserve Board’s official roster shows the current leadership, while its explanation of Board and chair terms describes the distinction between the positions.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →By October 2, Axios reported that the Justice Department would not reopen its investigation after reviewing the OIG findings; it had closed the investigation in April. Axios also reported that Trump had renewed calls for Powell to resign from the Board after his chair term ended. Those later developments do not change what Trump said in January; they show why the January statement should not be presented as a current pledge or as a description of today’s Fed chair. Axios’ October 2 report covers the investigation status and renewed resignation calls.
Quick Recap
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
Rank #4
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
