It has been reported that the White House was looking into demoting Powell back in February.
Tuesday afternoon, President Donald Trump was asked about Jerome Powell and whether or not the Fed chair's job is safe. Trump told White House reporters yesterday, "Let's see what he does," ahead of the Federal Reserve decision on interest rates.
"Trump has every right to complain about the Federal Reserve chairman. He has no right to demote or fire Powell, but you remember his concept of rule of law is quite different from others and the more he's regarding this country as a company," said Cramer.
Cramer continued to say that Trump feels like "Powell is not playing by the rules. So he's gotta go.
"I don't think the president has figured out how he should go, but if he doesn't cut rates by July, I think the president's gonna figure out some way to be able to get rid of them. And, for the life of me, I can't figure out how he does it, but I have found myself confounded by so many things the president does," he said.