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