Fed's Powell says he will not quit even if asked by Trump
Federal Reserve Chair Jerome Powell said on Thursday he would refuse to leave office early if incoming President Donald Trump tried to oust him, adding he cannot be legally removed anyway.
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Speaking at a press conference following the latest meeting of the rate-setting Federal Open Market Committee, Powell was asked if he'd exit central bank leadership if asked by Trump, who repeatedly attacked him in his first term as president. Powell said flatly «no» and noted that removing him, or any of the other Fed governors, ahead of the end of their terms is «not permitted under the law.»
Powell spoke after the Fed met expectations and cut its interest rate target range by a quarter percentage point to between 4.5% and 4.75%, as officials continue to normalize monetary policy amid cooling inflation pressures.
Ahead of the U.S. national elections on Tuesday, the Fed had been widely expected to press forward with interest rate cuts.
Powell on Thursday brushed off numerous questions about what Trump's stated policy aims could mean for central bank decision-making. «In the near-term the election will have no effects on our policy decisions,» Powell said, adding «we don't guess, speculate and we don't assume what the broader government might do.»
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