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President Donald Trump denied he is seeking to remove Federal Reserve Chair Jerome Powell, after raising the idea in a closed-door meeting with congressional Republicans that leaked to the media.

“No, we’re not planning on doing anything,” Trump told reporters on Wednesday. He later added, “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”

A White House official, speaking on the condition of anonymity earlier Wednesday, said they expected Trump to soon move against the Fed chief after his meeting with members of Congress visiting the White House to discuss cryptocurrency legislation. Some lawmakers also left that Tuesday evening meeting with that impression, and Trump acknowledged that he had polled the participants about dismissing Powell.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Bloomberg's Michael Shepard is in for Joe. Kailey and Mike speak with:

Bloomberg Capitol Influence Team Lead Megan Scully.
Republican Congressman Jason Smith of Missouri, Chairman of the House Ways and Means Committee.
Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
Bloomberg Chief Political Correspondent Annmarie Hordern.
Bloomberg International Economics and Policy Correspondent Michael McKee.
Bloomberg Contributor and former Republican Congressman Patrick McHenry.

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Trump Denies Plan to Fire Powell