WASHINGTON, D.C. — The Federal Reserve (Fed) cut interest rates by a quarter of a percentage point on Thursday as its policymakers began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office next year.
WASHINGTON, D.C. — The Fed eral Reserve cut interest rates by a quarter of a percentage point on Thursday as its policymakers began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office next year.
Trump indicated over the summer, and a CNN report on Thursday reaffirmed, that he would let Powell continue as Fed chief until the end of his current four-year term in May 2026, and Powell said bluntly on Thursday that he would not resign if asked.The president, he said, had no authority under law to remove the head of the Fed, a position confirmed by the Senate, over a policy disagreement.'Not permitted under the law,' Powell said.
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