Federal Reserve Chair Jerome Powell intends to ignore Donald Trump’s constant calls for him to resign, believing that doing so would damage the independence of the U.S. central bank, according to a new report.
Powell has been telling his inner circle that he’ll stay in the role until his term ends in May 2026, sources told CNN, and is willing to endure months of Trump berating him over the president’s demands to slash interest rates.
The Fed chair’s plan to remain in the role arrived after tensions between Trump and Powell two were visible Thursday during an awkward exchange at the Fed’s D.C. headquarters, where Trump made a rare visit alongside Powell. At one point, Powell had to correct Trump to his face when he claimed renovation costs at the site would total $3.1 billion.
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