Speaking to reporters in the Oval Office late Wednesday morning, Trump said he is "not planning" to fire Powell, though he reiterated his view that rates should be lower and the Fed chair is doing a "terrible job."

"I don't rule out anything, but I think it's highly unlikely, unless he has to leave for fraud," he added when asked about a firing.

Trump's comments came just about an hour after a slew of reports suggested the president was inching closer to firing Powell.