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Fed Chair Jerome Powell Refuses to Resign Amid Trump Presidency

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Jerome Powell, Chairman of the U.S. Federal Reserve, affirmed he will not resign even if President-elect Donald Trump requests it, emphasizing the Fed's independence and the lack of short-term impact from the election on monetary policy.

Jerome Powell's commitment to remain as Fed Chairman highlights the ongoing tension between the Federal Reserve and the executive branch, particularly during politically charged times.

The Fed's decision to cut interest rates amid falling inflation and a softening job market indicates a proactive approach to maintaining economic stability despite potential political pressures.

Powell's remarks about the Fed's independence serve as a reminder of the central bank's role in the U.S. economy, especially in the face of political influence and public scrutiny.

The Federal Reserve is likely to continue its current monetary policy trajectory, focusing on economic indicators rather than political developments.

As the Trump administration potentially redefines its economic policies, the Fed may face increased scrutiny and pressure, but Powell's statements suggest a commitment to independence.

Future interactions between Trump and Powell could shape the public perception of the Fed's autonomy, particularly as the 2026 reappointment date approaches.


Jerome Powell, Chairman of the U.S. Federal Reserve, reaffirmed his position on November 7, 2024, stating he will not resign even if President-elect Donald Trump demands it. Powell emphasized the independence of the Federal Reserve, clarifying that the president does not have the legal authority to dismiss him or other board members. He noted that the results of the recent presidential election will have 'no short-term effect' on the Fed's monetary policy decisions, maintaining that the central bank will not speculate on future economic impacts due to the election outcome.

During a press conference following the Federal Open Market Committee's decision to cut the benchmark interest rate by 0.25 percentage points to a range of 4.50% to 4.75%, Powell expressed confidence in the current U.S. economic situation. He indicated that recent economic indicators have exceeded expectations and that concerns about downside risks have diminished. Powell stated that further adjustments to monetary policy would support economic strength and contribute to inflation management.

Despite Trump’s previous criticisms of Powell's performance, the Fed Chairman remains focused on the institution's mandate. He reiterated that the Fed does not engage in political discussions and will continue to base its decisions on economic data rather than political pressures. Powell's stance reflects the Fed's commitment to its independence, a principle that has been a point of contention between the central bank and the former president.

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Refs: | Le Figaro | SBS News |

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