President Donald Trump‘s economic adviser Kevin Hassett provided an update Friday after the president renewed his criticism of Federal Reserve Chair Jerome Powell.

Asked by a reporter if firing Powell, is an option, Hassett said that “the president and team will continue to study that matter.”

On Thursday, President Trump blasted Powell for not cutting interest rates and once again suggested he could remove him from the position — a move that would trigger a major legal battle over the political independence of the central bank.

“If I want him out, he’ll be out of there real fast, believe me,” Trump told reporters in the Oval Office during a meeting with Italian Prime Minister Giorgia Meloni. “I’m not happy with him.”

Trump’s remarks came shortly after a post on his social media platform, Truth Social, where he urged Powell to lower the Fed’s short-term interest rate and declared, “Powell’s termination cannot come fast enough!”

Powell’s current term as Fed chair runs through May 2026.

This is a developing news story and will be updated as more information is available.