It has been a tense couple of weeks since Donald Trump won the US election with pressures of a Federal Reserve takeover weighing on chairman Jerome Powell. After cutting interest rates for the third consecutive month earlier today, he has doubled down on his resistance to Trump pressure and even threw a little jab at Bitcoin.
During his speech, Powell made it clear that the Fed is bullish on US economy going into next year regardless of who is in office. He declared that the Fed successfully avoided recession this month and he believes “we’re gonna have a great year next year.”
When a journalist asked what he thought about Trump’s national Bitcoin reserve idea, Powell bluntly said the Federal Reserve wants nothing to do with it.
The whole proposal lies in Trump’s ability to convince the Congress to sell the Fed’s gold for Bitcoin, but Powell could single-handedly block it if he wants.
Not only that, he could also take on Trump on the subject of who watches over the economy and win. The Fed chair is completely independent of the Oval Office, and Powell does have a very rare bipartisan support on the Hill.
As for his fight against inflation, the Fed chair doesn’t see the central bank succeeding for another two years, after he’s already gone.
This is a developing story
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