During his press conference following the Federal Reserve interest rate announcement, Chairman Jerome Powell said he had no contact with President Trump. The Federal Reserve has kept its interest rate unchanged at 4.5% despite demands from President Trump to lower it further. The Federal Reserve is constitutionally autonomous from the US Presidency.
Asked in November whether he would resign if ordered to do so by President Trump, Chairman Powell replied with a simple “no”.
Chairman Powell said that inflation is moving closer to the 2% target but remains elevated. He said that the Federal Reserve is not on a pre-set course and will calibrate its policy according to developments. Economic expectations remain high with the economy doing well despite new risks of uncertainty in relation to tariffs, migration and fiscal policy.
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