### Fed Chair Jerome Powell Asserts Independence from Presidential Influence

In a firm stance against potential political pressure, Federal Reserve Chairman Jerome Powell stated on Thursday that he would not resign if President-elect Donald Trump requested it. Powell emphasized that the president lacks the legal authority to either fire or demote him, noting, "Not permitted under the law."

Powell made these remarks during a press conference following the Federal Reserve's decision to cut interest rates by a quarter percentage point. His assertions come amid a historically contentious relationship with Trump. Although Trump appointed Powell in 2017, he has frequently criticized the Fed chair for not reducing interest rates swiftly enough to stimulate the economy. As recently as October, Trump expressed his belief that the president should have a say in interest rate decisions, although he acknowledged he shouldn't be able to directly order changes.

The relationship between Trump and Powell received heightened scrutiny as the COVID-19 pandemic challenged the nation's economic stability. Trump even went so far as to claim the authority to remove Powell from his position in March 2020. Nonetheless, Powell's term as Fed chair is set to end in 2026.

Powell also addressed the potential influence of Trump's election victory on Federal Reserve policies, assuring that there would be no immediate changes. "In the near term, the election will have no effects on our policy decisions," Powell said. He also mentioned that the specifics of the new administration's policies and their implementation timeline are still uncertain, emphasizing the Fed's ongoing commitment to its dual mandate of maximum employment and price stability.

The recent election results could ease the path for Trump to enact his economic agenda, particularly with the Republican Party securing a majority in the Senate. However, Powell cautioned that it is too early to predict the economic impact of any forthcoming policies. Former Treasury Secretary Steve Mnuchin indicated that the administration might focus on lowering taxes and imposing tariffs, especially on China.

In summary, while Federal Reserve Chairman Jerome Powell made it clear that he would not step down under presidential pressure, the future interplay between the Fed and the incoming administration remains a subject of close observation.