You previously said that you would not resign if [Donald] Trump asked you to do that.
Do you stand by that commitment?
asked one lawmaker on the House Financial Services Committee.
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I have no changes to that, Powell responded.
asked another, referring to the new Musk-led Department of Government Efficiency.
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Weve had no contact.
And I have nothing to report today on that, said Powell.
Politicians who want to be re-elected … are not going to be focused on the longer term.
We have that mandate.
To stay out of that.
To stay out of election cycles … serving the public as a whole.
In separate posts on Truth Social, President Donald Trump wrote, BIDENINFLATION UP!
and Interest Ratesshould be lowered, something which would go hand in hand with upcoming Tariffs!!!
Lets Rock and Roll, America!!!
even as investors worry a flurry of tariffs will raise consumer prices further.
On inflation, were close but not there, Powell said today.
They still remain high as with inflation still above the Feds target of 2%.
In testimony yesterday before the Senate Banking Committee, Powell indicated caution.
Were in a pretty good place with this economy.
We want to make more progress on inflation.
High prices created a major political headache for former PresidentJoe Bidenand hurt the Democrats in the last election.
Trump pledged to reduce prices in last years campaign.
At midafternoon, the Dow Jones Industrial Average is down 224 points, well off its lows.
The Nasdaq, S&P 500 and Russell 3000 are also in the red.
Media stocks are mixed with Disney up a hair, Comcast and Warner Bros.
Discovery slightly lower with Amazon and Google parent Alphabet.
Netflix, Fox, Apple, Meta and Spotify are trending higher.
