Jerome Powell, the chair of the Federal Reserve (Fed), continues to carry out his duties despite pressure from President Donald Trump, who seeks to have him lower interest rates or resign.
Trump's Pressure on Powell
President Trump has repeatedly criticized Powell publicly, urging him to lower interest rates or step down. So far, Trump has made several harsh remarks about the Fed chair, marking him as one of his worst appointments.
Powell's Response to Criticism
Powell has dismissed calls for his resignation and insists on the independence of the Fed. As Senator Mike Rounds stated, Powell ‘feels very strongly that his responsibility is to maintain that independence.’ In his public engagements, the Fed chair maintains a neutral tone and avoids political statements.
Independence of the Fed Under Powell's Leadership
Amid the pressure, Powell continues to methodically perform his duties. He demonstrates commitment to monetary policy, basing his decisions on economic data. He intends to complete his full term until May 2026 without altering the course.
The situation surrounding Fed Chair Jerome Powell illustrates the importance of the central bank's independence, which must remain outside political disputes to fulfill its functions.
