President Trump has been patient with Federal Reserve Chair Jerome Powell. He has said so himself multiple times.

However, as of Wednesday, that patience has a hard deadline — May 15.

In an interview with Fox Business host Maria Bartiromo, President Trump warned Federal Reserve Chair Jerome Powell: leave quietly when your chairman’s term ends next month, or face termination. “I’ve held back firing him,” Trump said. “I’ve wanted to fire him, but I hate to be controversial, you know?” He then stated plainly: “Well then, I’ll have to fire him.”

This tension has built over months. President Trump has repeatedly pressured Powell to lower interest rates, calling him ineffective and claiming the Federal Reserve is out of step with the American economy’s needs. Each time, Powell has refused to take action.

Now, with a clear deadline: Powell’s term as Fed chairman ends May 15. President Trump’s chosen replacement, former Federal Reserve Governor Kevin Warsh, has his confirmation hearing scheduled for April 21. The plan was a smooth transition — Warsh would assume leadership and Powell would step down.

A reporter detailed the escalating standoff on Wednesday:

Powell’s term as Fed chairman concludes May 15, but he remains on the Federal Reserve Board until 2028. Powell has stated he will not leave the board until his ongoing DOJ criminal investigation into the $2.5 billion renovation of the Federal Reserve headquarters is “well and truly over.”

A federal judge already ruled that the investigation was politically motivated. Judge James Boasberg found prosecutors offered “no evidence whatsoever that Powell committed any crime other than displeasing the President” and noted there was “abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign.”

Despite this ruling, U.S. Attorney Jeanine Pirro’s office has appeared at the Federal Reserve construction site on Tuesday, showing no intention of backing down.

Trump described Powell as “doing a bad job” and stated he should be lowering interest rates. Powell maintained that he would stay in his position until the investigation is complete, saying: “That is what the law calls for.” He also declared: “I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality.”

Trump refused to halt the DOJ probe, asking: “Don’t you think we have to find out what happened there?”

The situation has become complex. Senator Thom Tillis of North Carolina, a Republican key vote on the Senate Banking Committee, has stated he will not confirm Warsh as Fed chair until the DOJ investigation against Powell is resolved. This means President Trump’s effort to pressure Powell out also blocks his replacement from taking office.

Trump has indicated that Senator Tillis will eventually comply, suggesting the senator “doesn’t want the legacy of having an incompetent guy stay there for longer than is necessary.” If Senator Tillis does not relent, Trump said he would fire Powell immediately upon the end of his term and address the confirmation issue later.

The ongoing investigation concerns Powell’s testimony about the Federal Reserve headquarters renovation. A federal judge quashed government subpoenas last month after prosecutors admitted finding no evidence of crime, though U.S. Attorney Jeanine Pirro has vowed to appeal.

Additionally, the Supreme Court is reviewing President Trump’s attempt to remove Fed board member Lisa Cook — a case that could define presidential authority over the Federal Reserve.

As the Senate prepares for Warsh’s confirmation hearing on April 21, Powell remains entrenched, President Trump has issued his deadline, and the Senate is gridlocked. The courts are watching closely, with Jeanine Pirro appealing the judge’s ruling. With May 15 less than a month away, something must give.