Fed Chairman Powell: ‘I Would Not Resign On Trump’s Request’

Fed Chairman Powell: ‘I Would Not Resign On Trump’s Request’

Fed Chairman Powell: ‘I Would not resign on Trump’s Request.’ Jerome Powell, the chairman of the Federal Reserve (Fed), would not resign if asked by US President Donald Trump.

 

He said this Friday during a panel discussion with his predecessors Janet Yellen and Ben Bernanke.

The boss of the American umbrella of central banks received a lot of criticism from Trump.

The president assumes the Fed is raising interest rates too quickly.

There was even a hint of dismissal for Powell, although the White House later denied those messages.

According to Powell, he has received no direct comments from the White House about his accomplishment,

 and no appointment has yet been scheduled with Trump.

The Fed chairman called the US economy “strong”, but also assured to adjust monetary policy if needed quickly.

“We listen carefully to the signals that the markets are giving”, Powell stated.

“We weigh down the downside risks in determining our policy.”

The indicators on Wall Street went up considerably after the words of Powell.

Last year, The Federal Reserve increased interest rates four times.

For this year there are two further interest rate increases in the planning.

If interest rates go up, financing becomes more costly, making it less attractive for companies and consumers to invest.

That has an inhibiting impact on the economy.

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