The head of the Fed: I will not resign if Trump asks me - Powell emphasizes that the election will not affect the monetary policy
Federal Reserve Chairman Jerome Powell said he will not step down if President-elect Donald Trump calls for his resignation.
When asked about the issue, the Fed chairman simply declined. Powell then told reporters that the president does not have the power to fire or remove him from office. "It's not allowed under the law," Powell told reporters at a news conference after the Fed cut interest rates by a quarter of a percentage point.
Investors will be closely watching the president-elect's contentious relationship with the head of the Fed. Trump appointed Powell in 2017 but repeatedly attacked the central bank chief during his first term as president, arguing that Powell was not easing monetary policy fast enough.
Trump said in an interview in October that the president should be able to weigh in on interest rate decisions.
"I don't think I'm allowed to order it, but I think I have a right to make comments about whether interest rates should go up or down," Trump said on Oct. 15.
As Covid-19 swept the nation in March 2020, the Republican leader claimed the authority to remove Powell from office. The Fed chairman's term ends in 2026.
Powell also said that Trump's election victory this week would not have any immediate impact on central bank policy. "In the short term, the elections will have no effect on our political decisions," he stressed.
The Republican Party also won a majority in the Senate in Tuesday's election. If the Republicans also take the House of Representatives, Trump has an open path to pass his economic agenda.
Powell said the incoming administration's policies could have an economic effect that would affect the Fed's dual mandate of maximum employment and price stability. But it is still too early to draw conclusions, he added.
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