In a media briefing Thursday after announcing a reduction in interest rates, the chairman of the Federal Reserve said he would not resign if asked by President-elect Donald Trump.
Chairman Jerome Powell was asked by a reporter about the possibility of Trump asking him to resign after the stunning results of the election Tuesday.
'Trump had accused Powell of hurting the economy by raising interest rates.'
Powell had also announced a quarter of a point reduction in reserve interest rates on Thursday after the Federal Reserve had previously cut rates by half of a percent in September.
In 2019, Powell was similarly asked if he would step down from the position if Trump asked him to resign, and he had the same answer at that time.
Trump had accused Powell of hurting the economy by raising interest rates at the time, but Powell argued that higher rates were necessary in order to avoid inflation.
Powell went on to say Thursday that the election would have no effect on the decisions made at the Federal Reserve.
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