Fed Chair Says He Won't Resign If President Trump Asks Him To

Defiant Fed chief Powell says wouldnt resign even if Trump asked him to

He has blamed the Fed for stock market declines and said he is "not even a little bit happy" with Mr Powell, whom he named to lead the Fed in 2017. "With the muted inflation readings we have seen coming in, we will be patient as we watch to see how the economy evolves".

Speaking after months of volatility in world bond and stock markets, Powell avoided some of the communication missteps that in the past have roiled rather than calmed investors.

Powell had been sitting next to former Federal Reserve chairmen Janet Yellen and Ben Bernanke when he was asked about his impending meetings with the President regarding Fed policy, which the President has emphasized in the past as the number one problem with the economy.

The Dow Jones blue chip index rose by 600 points following the.

He also defended the Fed's rate rises, pointing to strong economic data that suggest businesses and households can handle the higher costs.

The question about Powell's possible departure arose after Trump expressed disagreement with the Federal Reserve's monetary policy to increase interest rates and the chairman's work overall.

Fed Chair Says He Won't Resign If President Trump Asks Him To
Fed Chair Says He Won't Resign If President Trump Asks Him To

Trump, who picked Powell to head the Fed starting last February, has been intensely and publically critical of Powell's Fed and Powell personally, accusing him of hurting the economy by raising rates.

Asked if he would resign if Trump asked him to do so, Powell responded with a short "no".

"People should know the Fed has a very strong culture around non-political activity and we are committed to achieving the goals the law gives us in a completely non-political way based on the best thinking", Mr Powell said.

Although still low by historical standards, this latest hike put interest rates at the highest level in almost a decade. Data released earlier on Friday showed United States employers added the most workers in 10 months as wage gains accelerated.

The Fed's tightening cycle includes both rate hikes and the gradual shedding of its more than $4 trillion in assets. He also says that the Fed could alter its approach to trimming its huge balance sheet if it determines such a change is needed.

Mr Powell said that he did not believe the Fed's removal of stimulus by shrinking holdings of Treasuries and mortgage-backed securities played a major role in the recent market turmoil.

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