Washington DC - President Donald Trump said on Tuesday that he does not intend to fire US Federal Reserve Chair Jerome Powell, despite repeated threats to do so.

"I have no intention of firing him," Trump told reporters in The White House. "I would like to see him be a little more active in terms of his idea to lower interest rates. This is the perfect time to lower interest rates."

"If he doesn't, is it the end? No, it's not – but it would be good timing. It would be, it should have taken place earlier. But, no, I have no intention to fire him."

In recent weeks, Trump has criticized Powell for his handling of interest rates as well as warnings issued by the Fed Chief against the "Liberation Day" tariffs.

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There have been rumors swirling over whether Trump would try to fire Powell over these disagreements, despite the president not having the authority to do so.

Trump's confirmation that he would not be looking to fire Powell caused a sudden spike on Wall Street, where equity index futures jumped up nearly 2% in the hours after the press conference.

Powell has been in the crosshairs ever since he was elevated to the job during the Republican's first term, mostly over his refusal to lower interest rates to Trump's liking.