Fed’s Powell vows to resist Trump’s pressure to resign

Investing.com -- Federal Reserve Chair Jerome Powell has informed multiple associates and allies that he will not resign despite President Donald Trump’s calls for him to step down, according to CNN.

Powell has privately stated that he must remain in his position to protect the Federal Reserve’s independence from political interference, sources familiar with the discussions revealed. The Fed Chair views his decision to stay as extending beyond personal reasons, believing that his departure would undermine the central bank’s longstanding autonomy.

Trump has launched what CNN describes as an "unprecedented, multi-pronged assault" against Powell over the Fed Chair’s refusal to lower interest rates. Despite this pressure, Powell has committed to withstanding the president’s attacks for the remaining months of his term.

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