Forbes

Can Trump Fire Jerome Powell? Fed Chairman Says He Won’t Resign If Trump Asks

American Conservative

Fed Cuts Rates by a Quarter Point

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Business Insider

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Washington Free Beacon

Fed Cuts Interest Rates by 0.25 Percentage Point Following Trump Victory

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How major US stock indexes fared Thursday, 11/7/2024

Raw Story

U.S. Fed chair says will not leave early if asked by Trump

Today's Mortgage Rates, November 8, 2024 | Strong Economy Keeping Rates High in Spite of Fed Cut

Stock market today: Stocks extend post-election rally as the Fed cuts interest rates

What the Fed’s interest rate cuts mean for your money

New York Post

Fed’s Jerome Powell says he would not step down if Trump asked for his resignation: ‘Not permitted’

The Federal Reserve on Thursday unanimously approved a quarter-point interest rate cut, bringing the federal funds rate to a range between 4.5 and 4.75%, following Tuesday's reelection of former Pres. Donald Trump.

The reduction is a smaller move compared to September's half-point cut, as the Federal Reserve is seeking to maintain economic strength while keeping inflation on track to meet its 2% target. Over the summer, the Fed started this process by raising the rate to a range of 5.25 to 5.5% — a 23-year high.

In addition to the rate cut, Federal Reserve Chairman Jerome Powell responded to a question about whether he would resign if requested by Trump, by saying "no" and citing legal protections for the chairman position. Powell's term isn't up until 2026.

Also on Thursday, major stock indexes continued to reach record highs since Election Day. The S&P 500 gained 0.74% to 5,973.10 and the Nasdaq advanced 1.51% to 19,269.46. The Dow Jones remained relatively flat at 43,729.34.

Wall Street's reaction included significant gains in technology stocks, with Apple rising 2.1% and Meta Platforms increasing 3.4%. But financial stocks retreated, with JPMorgan Chase falling 4.3% and American Express dropping 2.8%.

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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.

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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.

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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.

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Wall Street's reaction included significant gains in technology stocks, with Apple rising 2.1% and Meta Platforms increasing 3.4%, while financial stocks retreated with JPMorgan Chase falling 4.3%.

The bond market showed volatility following the election, with Treasury yields declining Thursday after experiencing a sharp increase in the previous session.

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.

Fed Cuts Rates as Markets Soar After Trump's Victory

Finance

Economic conditions & trends

Politics

United States of America

The market rally reflects strong confidence in Trump's pro-business agenda, including proposed tax cuts and deregulation policies that could boost corporate profits and economic growth. The combination of Fed rate cuts and Trump's business-friendly policies creates an optimal environment for risk assets and continued market expansion.

Fed Cuts Rates, Markets Soar After Trump Victory

Fed Cuts Rates, as Markets Soar After Trump's Victory

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Fed Cuts Rates, Markets Soar After Trump Victory

Fed Cuts Rates, as Markets Soar After Trump's Victory

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