The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.

President Donald Trump said Wednesday that Federal Reserve Chair Jerome Powell has kept interest rates too high and that he might call the central bank chief.

WASHINGTON—President Trump said this week that he never had any plans to fire Federal Reserve Chair Jerome Powell, accusing the media of pushing a false narrative that he was out to get the central bank chief.