WASHINGTON (Reuters) – U.S. President Donald Trump said on Sunday on NBC’s ‘Meet the Press’ news program that he did not threaten to demote Federal Reserve Chairman Jerome Powell.

“I didn’t ever threaten to demote him,” Trump said, adding that he has the power to do so.

Trump has been pressuring the Fed to cut interest rates for months, a campaign that began last October when he said the U.S. central bank had “gone crazy” under Powell after several rate hikes.

The Fed on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month. The central bank left its benchmark interest rate unchanged for now.

A day later, Trump said that the Fed should have lowered rates sooner, but “you can’t win ‘em all.” He added that eventually Powell “will do what’s right, perhaps. Let’s see what he does.”