PANews reported on November 8 that Federal Reserve Chairman Powell stated at a press conference that the Fed's main goal remains to keep inflation at the 2% target and will not intentionally lower the inflation rate below 2% to compensate for the past few years of exceeding it. He pointed out that the current performance of the U.S. economy is better than that of other countries globally, the labor market remains strong, and while core inflation has eased somewhat, it is still at a high level. The Fed's current policy pace remains restrictive, and Powell stated that he will continue to cautiously adjust interest rates to avoid economic risks from acting too quickly or too slowly.
Powell emphasized that the Federal Reserve is moving towards a neutral interest rate, but a specific target value has not yet been determined. Additionally, Powell responded to the impact of recent elections on policy by stating that election results will not affect the Fed's short-term policy decisions and reiterated the independence of the Fed.
When asked at the press conference whether he would resign because of Trump's departure, he simply replied, 'No.' When asked if the president has the authority to fire him, Powell responded, 'The law does not allow it.' Powell's term as chairman will expire in May 2026, and his term as a board member will expire in January 2028. Most legal experts indicate that he cannot be dismissed without cause before his term ends.