Washington — President Trump on Tuesday asked a group of House Republicans if he should fire Federal Reserve Chair Jerome Powell — and people in the room voiced approval. Several sources said Mr. Trump indicated he will do it. Mr. Trump on Wednesday confirmed to reporters in the Oval Office that he spoke to lawmakers about ousting Powell.

The president told Republican lawmakers he's likely to oust the man overseeing the Federal Reserve, according to multiple reports.

When a reporter asked if the expensive renovation was a fireable offense, Trump replied, “I think it sort of is."

Powell was nominated by Trump in November 2017 and was confirmed by the Senate in January 2018. The Fed chair’s term lasts four years, and Biden did indeed nominate Powell for a second term, though Trump tries to make it sound like he had nothing to do with Powell’s first appointment.

U.S. stocks are shaky on Wednesday as President Donald Trump said he had “talked about the concept of firing” the head of the Federal Reserve. Such a move could help Wall Street get lower interest rates,

The president waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans. It remains to be seen whether he follows through with his threat.

A Fed policy rate that low is not typically a sign that the U.S. is the "hottest" country in the world for investment, as Trump has said.

Trump indicated that Powell’s handling of an extensive renovation project on two Fed buildings could be grounds to fire him.

Consumer prices posted the biggest increase in June in five months and are likely to keep the Federal Reserve from cutting interest rates soon, but there only scattered signs of tariff-related inflation.