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BREAKING: Federal Reserve Cuts Interest Rates by 25 Basis Points...
The Federal Reserve cut interest rates by 25 basis points – or 0.25% – on Thursday after President Trump's landslide victory.
The latest rate cut comes after the Fed slashed rates 50 basis points in September.
The benchmark rate is between 4.5% to 4.75%
Fed Chairman Jerome Powell told reporters on Thursday that he will not resign his position if Trump asks him to step down.
"If [Trump] asked you to leave, would you go?" a reporter asked Fed Chair Powell.
"No," Powell said.
"Do you think that legally you're not required to leave?" the reporter asked Powell in a follow-up question.
"No," Powell said.
CNBC reported:
The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to rightsize monetary policy.
Reporter: "If [President-elect Trump] asked you to leave, would you go?"
— Yahoo Finance (@YahooFinance) November 7, 2024
Fed Chair Jerome Powell: "No."
Reporter: "Do you think that legally you're not required to leave?"
Powell: "No." pic.twitter.com/OoSDgvkZ8j