WASHINGTON — President Donald Trump announced on Wednesday that firing Federal Reserve Chair Jerome Powell was “highly unlikely.” This came shortly after he privately suggested that he was considering removing the head of the nation’s central bank.

In a White House meeting with around a dozen House Republicans on Tuesday night, Trump admitted to discussing the “concept” of terminating Powell, who has been criticized by Trump for not reducing interest rates to his satisfaction.

“Almost every one of them said I should,” Trump said about the lawmakers who had come to talk to him about crypto legislation.

Trump hinted at his inclination towards such action, according to a White House official. During the meeting, he brandished a letter about Powell’s potential firing, but sources noted it was merely a symbolic draft prepared by others, confirming that the president himself hasn’t composed such a letter.

Neither source was authorized to publicly discuss the private meeting and they spoke only on condition on anonymity.

Trump made his comment about being “highly unlikely” to dismiss Powell – “unless he has to leave for fraud” – during an Oval Office meeting with Salman bin Hamad Al Khalifa, the crown prince of Bahrain.

In recent days, White House and administration officials have accused Powell of mismanaging a $2.5 billion renovation project at the Fed, adding to months of efforts by Trump try to rid himself of the politically independent central banker.

U.S. stocks were shaky as Trump spoke about Powell on Wednesday. The S&P 500’s modest gain in the morning became a drop of 0.7% after initial reports that the president may fire the Fed chair. Stocks then trimmed their losses after Trump’s later comment.

Treasury yields also swiveled in the bond market but remained mostly calm.

Those at the White House meeting were among the more far-right lawmakers, including members of the House Freedom Cause whose views are not always shared by other Republicans. In the Senate, Republicans have taken a more guarded approach. Some have backed Powell’s performance at the Fed as they await an inspector general’s review of the construction project.

In a speech Wednesday, Sen. Thom Tillis, R-N.C., said if Powell is dismissed, “you are going to see a pretty immediate response”

“If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they’re making a huge mistake,” said Tillis, who has announced that he is not running for reelection.

Sen. John Kennedy, R-La., said this week that Powell “has done a decent job.”

“I don’t think he’s been perfect,” he said, adding that there have been times they disagreed, but “I do believe that the chairman is calling them like he sees them.”

Republicans on the House Financial Services Committee had been scheduled to meet with Powell on Wednesday evening in a gathering set months ago, but it was abruptly canceled due to votes in the House, according to a committee aide granted anonymity to discuss a private meeting.

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AP Business Writer Stan Choe in New York, AP Congressional Correspondent Lisa Mascaro and Associated Press writer Stephen Groves contributed to this report.