Federal Reserve chair Jerome Powell declines to step down
Hold onto your wallets, folks -- Federal Reserve Chairman Jerome Powell is digging in his heels despite a storm of pressure from the White House to pack his bags, as the Daily Caller reports.Reports surfaced on Friday from CNN (Fake News regarding Trump...can anyone believe what CNN says?) that Powell is standing firm against calls from President Donald Trump for him to resign. Several Republicans want him to resign over his reluctance to cut interest rates, with the Fed chair quietly assuring close allies he plans to serve until his term ends in May 2026.
This saga kicked off in recent months as Trump and other GOP figures ramped up their criticism of Powell’s monetary policy decisions. They argue that slashing rates could spur economic growth, but Powell isn’t budging. It’s a classic standoff between political demands and central bank independence.
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Trump has said that firing Powell is not necessary...he should just cut interest rates. So, Trump has not pressured Jerome Powell to resign although many Reublicans have suggested that.
The president said Tuesday he doesn’t think Powell should resign before his term is up in May but bashed him for not lowering interest rates.