Fed's Powell staying put even if Trump has another idea

Published On Nov 7, 2024, 9:25 PM

Federal Reserve Chair Jerome Powell stated he will remain in his position regardless of pressures from President-elect Trump for him to resign. During a recent press conference where a 25 basis point interest rate cut was announced, Powell affirmed his legal standing by saying that the president cannot remove him or other Fed governors. Powell's position is secured until May 2026 for his chair role and 2028 for his governorship, despite Trump's previous criticisms and comments about potentially wanting to replace him.

Read full article

Stock Forecasts

SPYView SPY chart on TradingView

Positive

Given Powell's reinforcement of his independence from political pressures and the Fed's recent interest rate cuts, investors can expect a stable monetary policy in the near future. This stability is generally favorable for risk assets, particularly stocks.

Related News

Stock futures are little changed as Wall Street looks to extend postelection rally: Live updates

Nov 7, 2024, 6:02 PM

The S&P 500 and the Nasdaq Composite closed at fresh records on Thursday.

SPY
ABNB
AKAM
SQ

Federal Reserve cuts interest rates by 25 basis points

Nov 7, 2024, 3:25 PM

The Fed cut interest rates by 25 basis points, avoiding any surprises just days after the election of Donald Trump as the next US president.

SPY
XLF

US cuts interest rates as Trump election raises uncertainty

Nov 7, 2024, 2:00 PM

Donald Trump's plans for tax cuts and tariffs raise questions about much further the Fed might cut.

SPY
BND