Jerome Powell Defies Trump: No Resignation!

Donald Trump

president of the United States from 2017 to 2021

Provocative

Highlights

The Federal Reserve lowered interest rates to the 4.5 percent to 4.75 percent range, responding to eased labor market conditions and inflation nearing its target.
Jerome Powell asserted that he would not step down if asked by Donald Trump, emphasizing legal protections for his position.
The changing economic landscape under Trump's presidency poses new challenges for the Federal Reserve as it attempts to manage inflation.

Story

On Thursday, November 7, 2024, the Federal Reserve cut interest rates by a quarter percentage point amid a changing economic landscape, following the recent election of Donald Trump. The Fed's rate-setting committee indicated that economic activity continues to expand while acknowledging a generally eased labor market despite a low unemployment rate. Powell addressed concerns about possible pressure from Trump, stating he would not resign if asked. He emphasized that legally, an attempt to remove him before January 31, 2028, is not permitted. Powell's past clashes with Trump over interest rate policies add tension to the Fed's response to the new presidency.

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