Trump on demoting Fed's Powell: 'Let's see what he does'

FILE PHOTO: Federal Reserve Board Chairman Jerome Powell speaks at his news conference following the closed two-day Federal Open Market Committee meeting in Washington, U.S., May 1, 2019. REUTERS/Yuri Gripas/File Photo

(Reuters) - President Donald Trump on Tuesday kept up the pressure on the head of the Federal Reserve following a report that lawyers at the White House earlier this year explored the legality of stripping Jerome Powell of the chairmanship.

Asked by reporters outside the White House if he wanted to demote Powell, Trump said: “Let’s see what he does.”

Earlier on Tuesday, White House economic adviser Larry Kudlow declined to confirm or deny the report from Bloomberg, published just as Powell convened a highly anticipated rate-setting meeting. But Kudlow told reporters at the White House that Trump is not considering any changes to Powell’s status.

Reporting By Dan Burns; Editing by Phil Berlowitz