Central Banks
Fed Cuts Rates; Powell Says Wouldn’t Resign If Asked by Trump
- Officials lower benchmark lending rate by a quarter point
- Powell says demoting of Fed leadership by president not legal
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Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point.
When asked at a post-meeting press conference whether he would step down if requested by Trump, Powell replied forcefully, “No.” He also said removal or demotion of any Fed board leaders, including himself, is “not permitted under the law.”