The president told Republican lawmakers he's likely to oust the man overseeing the Federal Reserve, according to multiple reports.

President Donald Trump has said it is "highly unlikely" he will fire the chair of the US Federal Reserve, hours after asking lawmakers whether he should sack Jerome Powell. Stock markets and the dollar slipped following reports Trump had broached the idea with Republicans on Tuesday but quickly bounced back after he downplayed the discussions.

The president floated the idea of firing the Fed chief to lawmakers, then said such a move was "very unlikely."

U.S. President Donald Trump said Wednesday he is not planning to fire Federal Reserve Chair Jerome Powell even as he unleashed a fresh round of criticism against the central bank chief and declined to completely reject the possibility of ousting him.