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Powell Says He'll Serve Full Fed Term Despite Trump Pressure

  • Fed chair defiant after report White House weighed demotion
  • Powell says ‘law is clear’ on his right to a four-year term
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Fed Chair Powell reiterates his plan to serve out his full four-year term.(Source: Bloomberg)
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Federal Reserve Chairman Jerome Powell said he intends to serve his full four-year term as head of the Federal Reserve, after President Donald Trump asked White House lawyers earlier this year to explore options for removing him.

“I think the law is clear that I have a four-year term, and I fully intend to serve it,” Powell said at a press conference in Washington on Wednesday after policy makers met to discuss interest rates. They left the benchmark rate unchanged, while signaling a cut has become more likely.