Powell Remains Firm Amid White House Pressure

Federal Reserve Chairman Jerome Powell has quietly resisted calls to resign from his position, despite ongoing pressure from the White House, as reported by CNN on Friday.

Powell has expressed to close associates that he intends to complete his term, which ends in May 2026. This reassurance comes amid increasing demands from President Donald Trump and other Republicans for Powell to step down, especially since he has been reluctant to lower interest rates.

Republican Senator from South Dakota, Mike Rounds, noted that Powell feels strongly about maintaining the Fed’s independence. He mentioned, “The majority of the Senate members are aware of how the market functions. They understand the implications if it seems like the Fed is being pressured.” Rounds added that he respects Powell’s stance on these issues.

One anonymous adviser commented to CNN that having Powell in Washington is a daily “gift” for the president, likening the ongoing pressures faced by Powell to a frog being boiled slowly.

The adviser remarked, “It’s either Powell jumps or he risks being boiled.” Moreover, Bill Pulte, a director of federal housing finance institutions, stated on X that Powell should consider resigning. Similarly, Republican Senator Tommy Tuberville tweeted that it would be ideal for the Fed chair to be dismissed.

The Federal Reserve has yet to respond to inquiries from the media regarding this situation.