Federal Reserve Chairman Jerome Powell has told several colleagues and allies that he will not resign despite calls from U.S. President Donald Trump for him to step down, CNN reported.
Powell has privately said he must stay on to protect the Fed’s independence from political interference, according to people familiar with the matter. The Fed chairman believes his decision to stay on goes beyond personal factors and believes his departure will weaken the central bank’s long-standing autonomy.
Despite the pressure from Trump, who launched what CNN described as an "unprecedented, multi-faceted attack" on Powell for refusing to cut interest rates, Powell has pledged to fend off the president's attacks during the remaining months of his term.