Powell Signals Readiness to Defy Trump in Defense of Fed
- Fed chair says president has no power to fire or demote him
- Central bank also delivers quarter-point interest-rate cut
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Federal Reserve Chair Jerome Powell made clear he’s ready to defend the US central bank from political pressure following the re-election of Donald Trump, saying he wouldn’t resign if asked and insisting the incoming president doesn’t have the power to fire him or other senior Fed leaders.
“No,” Powell said firmly on Thursday, when asked whether he would step aside if Trump asked for his resignation.