Can Trump Fire Jerome Powell? Fed Chairman Says He Won’t Resign If Trump Asks
ForbesNOV 20 2024
Major stock indexes reached record highs with the S&P 500 gaining 0.74% to 5,973.10 and the Nasdaq advancing 1.51% to 19,269.46, while the Dow Jones remained relatively flat at 43,729.34.
The rate reduction represents a smaller move compared to September's half-point cut, as the Federal Reserve aims to maintain economic strength while keeping inflation near its 2% target.
Federal Reserve Chairman Jerome Powell firmly stated he would not resign if requested by President-elect Trump, citing legal protections for his position which extends through 2026.
The Federal Reserve maintains its independence and data-driven approach, regardless of political changes. The central bank's focus remains strictly on its dual mandate of price stability and maximum employment, with Powell emphasizing that election outcomes have no immediate effect on monetary policy decisions.