U.S. President Donald Trump said he will not remove Jerome Powell as Federal Reserve Board Chairman before his term ends in May 2026 while describing the central banker as "a total stiff" and repeating calls for the Fed to lower interest rates.

With their eye on inflation, officials are inclined to hold rates steady when they meet in Washington on Tuesday and Wednesday. But fears of a slowdown are mounting, and President Donald Trump and some of his deputies keep hammering the central bank for an interest-rate cut.

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.