US Federal Reserve chair Jerome Powell said he would not resign if he received any pressure from Donald Trump’s new administration to step down as the central bank lowered interest rates by a quarter-point Tuesday afternoon.
Trump has been a persistent critic of the Fed and its independence, calling its officials “boneheads” in his last administration and arguing that he should have a role in setting interest rates.
Responding to a question as to whether he would resign if Trump asked him to leave his role, Powell responded with a blunt “no”. Powell also said the White House demoting Fed governors from their leadership roles is “not permitted under the law”.
The Fed lowered interest rates by a quarter point on Thursday, knocking them down for the second time in a row as inflation continues to ease and a Trump presidency hangs over the central bank.
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