Jay Powell says Donald Trump couldn’t fire him even if he tried

Published On Nov 7, 2024, 3:39 PM

Jerome Powell, the Federal Reserve Chair, stated that he cannot be fired by President-elect Donald Trump, emphasizing that such action is not permitted under the law. This follows years of mixed signals from Trump regarding his potential authority over Powell's position. Powell's comments come during a time of significant uncertainty for the Federal Reserve, particularly with Trump's recent electoral win. Experts express concern that any attempts by Trump to influence the Fed could unsettle markets, but Powell appears focused on maintaining the Fed's independence and will not make any immediate policy changes pending future developments under Trump.

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With Trump's possible actions concerning the Federal Reserve Chair raising uncertainties, investors may perceive an impending volatility in markets. Any strain on Fed independence under a new administration could lead to increased market fluctuations, particularly in financial sectors sensitive to changes in interest rates.

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