Immediately after Donald Trump was reelected president, the private Federal Reserve reduced interest rates by another 25 basis points, or 0.25 percent. And now, longtime Fed Chairman Jerome Powell is resisting Trump, telling the world that he will not resign from his post even if Trump decides he has to go.
"The rate sets what banks charge each other for overnight lending but often influences consumer debt instruments such as mortgages, credit cards and auto loans," reports explain.
When asked point-blank by a reporter this week if he "would go" in the event that Trump asked him to "leave," Powell responded with a simple no.
"Do you think that legally you're not required to leave?" the reporter then asked Powell in a follow-up question.
"No," Powell responded a second time, certain that the private Federal Reserve is above the law and even the president himself when it comes to steering the country as it sees fit.
The rate cut was triggered in an apparent effort to boost the overinflated stock market, which many experts now agree has become one of the biggest bubble markets in America's history.
Reporter: "If [President-elect Trump] asked you to leave, would you go?"
Fed Chair Jerome Powell: "No."
Reporter: "Do you think that legally you're not required to leave?"
Powell: "No." pic.twitter.com/OoSDgvkZ8j
— Yahoo Finance (@YahooFinance) November 7, 2024
(Related: Did you hear the vulgar things Daily Show host Jon Stewart had to say after Trump's win?)
Will Trump tell Powell, "YOU'RE FIRED!" in January?
Powell is not used to being told what to do as the American presidency is supposed to be a figurehead position. Those who run the Federal Reserve, aka the deep state, believe that they are exempt from and above the law, so to have Trump once again bucking the status quo is putting them all on edge.
"This guy thinks he owns USA?" someone wrote on X / Twitter. "Gonna be fun to see how that works out."
"Resigning is voluntary," wrote another. "Since that position is appointed, it sounds like a good opportunity for Trump to say 'you're fired!' which is involuntary and appoint someone else. If the Federal Reserve resists ... end it. Please resist! End the Fed!"
Should Powell resist as he is saying he will, he will not only be going against Trump; he will also be defying a Republican Congress and what another person on X / Twitter described as "a legit Attorney General."
"My money is not on Powell," he added. "He should start working on his resume."
It is clear that Powell will not stand down voluntarily, so it looks like Trump will have to be the one to force him out of his position if doing so is necessary to clean up Washington and the country.
"The Fed is neither federal nor a reserve," added another. "It is a money-laundering operation for bankers, corrupt elite, and the crown."
To cut the interest rate again as Powell just did is an exercise in futility as far as the national economy is concerned since there will now be even more inflation, pointed out another.
"Why would this man and his fellow board person want to stay there unless he plans on sticking it to the Donald?" asked another. "He needs to be removed and the idea that if they do not go then 'end the fed' would be a good thing to do."
Another thing that is already clear is that Powell's agenda differs from that of Trump, considering he "slammed the brakes" on Trump's economy during his first term.
How will Trump handle Powell after the inauguration? Find out more at Trump.news.
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