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April 23 news, according to official data, the probability of Powell being removed as Fed Chair in 2025 on Polymarket has dropped to 13%. Earlier reports indicated that U.S. President Trump stated during the swearing-in ceremony of SEC Chairman Atkins on Tuesday local time that he has no intention of dismissing Fed Chair Powell, despite his disappointment with the Fed for not cutting interest rates faster and calling for rate cuts.

According to Odaily, U.S. President Trump's public criticism of Federal Reserve Chairman Powell has heightened concerns about his attempt to dismiss this central bank leader. However, even if he takes this historically significant and legally contentious action, Trump may still not be able to steer monetary policy in his desired direction. Several economists indicate that dismissing Powell might not necessarily lead to the rate cuts Trump desires. Paul Ashworth, Chief North America Economist at Capital Economics, stated in a recent report: "Firing Powell could merely be the first step in dismantling the Fed's independence. If Trump is determined to lower interest rates, he would also need to dismiss the other six members of the Federal Reserve Board, which could trigger more severe market turmoil, causing a decline in the dollar and a rise in the long end of the U.S. bonds yield curve."Powell is both the Chairman of the Federal Reserve Board and the Chairman of the Federal Open Market Committee (FOMC) responsible for setting interest rate policy. Ashworth points out that while FOMC members usually choose the board chairman appointed by the president to lead them, they could defy Trump's wishes and select someone else to head the rate-setting committee. In a social media post on Monday, Trump referred to the Federal Reserve Chairman as a "major fail," a post that shook the financial markets. White House economic adviser Kevin Hassett said last week that the president and his team were exploring the possibility of removing the Fed Chairman. However, on Tuesday, Trump changed his stance, saying he "no doubt" dismisses Powell.