Trump said he couldn't do anything about Powell, but he also wouldn't fire him.

On June 12th local time, during an event at the White House, US President Trump once again pressured Federal Reserve Chairman Powell remotely, demanding that the Fed cut interest rates as soon as possible, preferably by 1 percentage point or even higher. Trump stated that considering the US debt, if the Fed cuts interest rates, the US can save a lot of interest payments - for example, if the Fed cuts rates by 1 percentage point, the US can save $300 billion in debt interest payments each year. However, Trump also admitted that he "can't do anything to Powell," but he also wouldn't "fire him." Trump has criticized Powell several times this year and threatened to dismiss him from his position as Fed chairman. Powell, on the other hand, stated that as President, Trump does not have the legal authority to remove him from his position, and he will work until the end of his term.