According to CNBC, Musk is a staunch supporter of elected President Trump and supports the idea of 'allowing the president to intervene in Federal Reserve policy.' Reports indicate that U.S. Senator Mike Lee from Utah had previously called on social media for the Federal Reserve to 'obey the president.' In response, Musk posted the '100' emoji on the 8th, indicating full agreement. Mike Lee included the hashtag '#EndtheFed' in his post. Although Musk's comment was brief, it reflects a potentially broader pressure campaign on the independence of the Federal Reserve that could form in the next Trump administration. Reports state that Federal Reserve Chairman Powell said on the 7th that he would not resign even if Trump asked him to.
This marks a potentially controversial relationship between the Federal Reserve chairman and the elected president. The traditional independence of the Federal Reserve is intended to empower the central bank to formulate monetary policy entirely based on the health of the U.S. economy, such as raising or lowering interest rates. (Jinshi) #pepe