Powell: It's Too Early for the Fed to Respond to Changes in Monetary Policy

In a press conference, Fed Chairman Jerome Powell stated that it is still too early for the Fed to respond to potential changes in fiscal policy that could be implemented during the Trump administration. In response to the first question asked by a reporter, Powell said, "We do not predict, we do not speculate, and we do not make assumptions. In the near term, the elections will have no effect on our policy decisions," and he appeared to read from prepared remarks.

Powell noted that the Fed would evaluate and model any new fiscal policy proposals, saying, "So far, there is nothing to model regarding new fiscal policy." Despite being faced with persistent questions, Powell indicated that he would not say "anything" about the elections. When a journalist asked if he would resign if Trump requested it after taking office, Powell firmly responded “No.” When the reporter further inquired whether Powell believed he would have to legally resign if Trump wanted him to, Powell again said, “No.”

Powell stated that "the laws do not allow" the President to remove or dismiss Fed Chairs.