Powell: Will not resign due to Trump's resignation, the president has no legal authority to dismiss

ChainCatcher news, according to Jinshi reports, the Federal Reserve announced a rate cut of 25 basis points this week as expected, lowering the target range for the federal funds rate to 4.5%-4.75%. All 12 FOMC voting members supported the rate cut. The policy statement removed references to progress on inflation and increased confidence in achieving targets, emphasizing a focus on the dual risks of employment and inflation. Federal Reserve Chairman Powell stated that future rate cuts will be accelerated or slowed based on economic conditions, and given the current high level of uncertainty, it is not appropriate to provide too much forward guidance, but they will gradually move towards a neutral policy stance. He also mentioned that the election will not affect the Federal Reserve's recent policy decisions, and the president has no legal authority to dismiss him due to Trump's resignation.

It is reported that Trump's election has led traders to reduce bets on the Federal Reserve cutting rates next year, with expectations of a pause after 1-2 rate cuts in the first half of 2025.