Powell Stands Firm: Trump Can't Fire Me, Won't Resign

Federal Reserve Chair Jerome Powell expressed confidence in the U.S. economy despite concerns over fiscal policy and rising deficits, which he described as unsustainable. Powell stated he would not resign if asked by President-elect Donald Trump, emphasizing that the president cannot legally fire him. The Fed cut interest rates by a quarter-point, but Powell noted that monetary policy remains restrictive. He indicated that future rate decisions will be data-driven, with no preset course, and that the Fed is well-positioned to handle economic risks. Powell also downplayed the impact of Trump's election on Fed policy.