PANews reported on November 8 that according to Jinshi, Federal Reserve Chairman Powell said at a press conference that the Fed's main goal is still to control inflation at the 2% target, and will not deliberately lower the inflation rate to below 2% to make up for the overshoot in the past few years. He pointed out that the US economy is currently performing better than other countries in the world, the labor market is still strong, and core inflation, although it has eased, is still high. The Fed's current policy pace is still restrictive, and Powell said that it will continue to adjust interest rates cautiously to avoid economic risks caused by moving too fast or too slow.
Powell stressed that the Fed is currently moving towards a neutral interest rate, but has not yet determined a specific target value. In addition, Powell responded to the impact of the recent election on policy, saying that the election results will not affect the Fed's short-term policy decisions and reiterated the Fed's independence.
Asked at a news conference if he would leave because of Trump, he succinctly replied, "No." Asked if the president had the power to fire him, Powell replied, "The law doesn't allow it." Powell's term as chairman expires in May 2026. His term as a governor expires in January 2028. Most legal experts say he cannot be removed without cause before the end of his term.
