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Powell Defies Trump, Vows to Stay as Fed Chair

Federal Reserve Chair Jerome Powell asserts he won't resign if asked by President Trump, despite past criticism.

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PoliticsEconomyUs PoliticsInterest RatesLeadershipFederal Reserve

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Jerome PowellDonald TrumpJoe BidenKamala Harris

Will Jerome Powell resign if requested by President Trump?: Jerome Powell, the Federal Reserve Chair, stated that he will not resign even if President Trump requests it, asserting that the law prevents the president from removing him.
How did Powell respond to questions about the recent election?: Powell avoided commenting on the recent election results, focusing instead on the Fed's reliance on economic data for its rate decisions and stating that the Fed will not speculate on any future policy changes under a potential second Trump presidency.
What is the duration of Jerome Powell's term as Federal Reserve Chair?: Powell's term as Fed chair ends on May 15, 2026. He was initially nominated by Trump and later re-nominated by President Biden.
What has been President Trump's stance on Jerome Powell and the Federal Reserve?: Trump has previously criticized Powell's performance and expressed his belief that the president should have more influence on Fed decisions. However, he also stated earlier that he would allow Powell to serve out his term.
What factors does the Federal Reserve primarily consider when making rate decisions?: The Federal Reserve's interest rate cut was discussed during the press conference. Powell emphasized that the Fed's decisions are based on economic data rather than political considerations.

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