US President Donald Trump has said it’s “highly unlikely” he’ll fire Federal Reserve Chair Jerome Powell, despite raising the idea with Republicans. Trump has repeatedly slammed Powell over interest rates, calling him a “knucklehead” and accusing him of mismanaging a costly Fed renovation project, BBC reported.

Though Powell’s term ends next May, Trump allies suggest the White House is building a case for removal. Powell insists he’ll serve out his term, and legal experts say a president can only fire a Fed governor “for cause.”

Economists warn that interfering with the Fed could rattle markets and hurt investor confidence. Treasury Secretary Scott Bessent says a process to find a potential replacement is underway.