Powell announces his stay at the Federal Reserve and an angry response from Trump

declared head US Federal Reserve Jerome Powell on Wednesday announced that he will continue to serve as a member of the Foundation’s Board of Governors after the end of his term as president.
Powell said in a press conference after chairing the last policy meeting in the position: "Following the end of my term on May 15, I will continue to serve as Governor for a term to be determined"
The response came quickly from US President Donald Trumpwho wrote on his platform Truth Social in Powell "It wants to stay in Federal Reserve Because he can’t get a job anywhere else, and no one wants him"

An unusual step

Powell explained that his decision had nothing to do with the criticism directed at him by members of Congress, but he pointed to the unprecedented legal measures taken by the administration of President Donald Trump against the Federal Reserve.
He added: "I fear that these attacks hit the establishment and jeopardize what really matters to public opinion, which is the ability to conduct monetary policy without taking into account political factors."
He made it clear that he intends to stay out of the limelight as governor, and will leave when he sees fit, in an unusual, though not unprecedented, move.

Jerome Powell can remain a member of the Federal Reserve until 2028.
Treasury Secretary Scott Besent criticized Powell’s decision on Fox Business, describing it as a violation of all Federal Reserve standards, and an insult to Kevin Warsh, who is expected to be the next president. Of the institution.

Trump’s criticism

Since returning to power last year, Trump has repeatedly criticized Powell for not lowering interest rates more quickly, a policy that would boost economic activity but could lead to higher inflation.
The Justice Department opened a criminal investigation into Powell and the Federal Reserve over alleged overruns in the costs of renovating the institution’s headquarters, a move the Chairman described as a tactic to undermine his independence.
The Justice Department temporarily halted the investigation, and Powell expressed his relief. Therefore, he stressed that he will not leave the Fed until the investigation is finally concluded.

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