Key Points

In a post on Truth Social on Sunday, Trump called the story "typically untruthful" and said no one had to explain to him what impact firing Powell would have on financial markets.

"The Wall Street Journal ran a typically untruthful story today by saying that Secretary of the Treasury, Scott Bessent, explained to me that firing Jerome 'Too Late' Powell, the Worst Federal Reserve Chairman in History, would be bad for the Market," Trump wrote.

"Nobody had to explain that to me. I know better than anybody what's good for the Market, and what's good for the U.S.A," he added. "If it weren't for me, the Market wouldn't be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT. People don't explain to me, I explain to them!"

According to The Hill, Trump has been pushing to remove Powell over his handling of interest rates. However, legal experts believe the president does not have the direct authority to fire the Fed chair. News of Trump's efforts to do so has reportedly caused concern on Wall Street.

The Federal Reserve, when contacted, said it had "nothing to share" on the matter, The Hill reported.

Meanwhile, Trump has also filed a defamation lawsuit against the Wall Street Journal. The legal action comes after the newspaper published a story that included a birthday message Trump had allegedly sent to Jeffrey Epstein, a convicted sex offender who died in jail in 2019.

The message, reportedly typed inside the outline of a naked woman and signed by Trump, said, "A pal is a wonderful thing. Happy Birthday -- and may every day be another wonderful secret," according to The Hill.

In the lawsuit, Trump claimed that the report had caused him "overwhelming financial and reputational harm" and demanded billions of dollars in damages.

"Defendants concocted this story to malign President Trump's character and integrity and deceptively portray him in a false light," the lawsuit said.

- ANI