Federal Reserve chair Jerome Powell says Donald Trump can't fire him

The US central bank cuts interest rates, as its chairman vows to stay on the job.

British Broadcasting CorporationWatchHomeNewsUS ElectionSportBusinessInnovationCultureArtsTravelEarthVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifyUS ElectionFull resultsKamala HarrisDonald TrumpJD VanceTim WalzSportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingVideoLiveLive NewsLive SportHomeNewsUS ElectionSportBusinessInnovationCultureArtsTravelEarthVideoLiveAudioWeatherNewslettersUS central bank boss says Trump can't fire himGetty ImagesThe head of the US central bank has hit back at speculation that his post might be in jeopardy as Donald Trump prepares to assume power in Washington.

Federal Reserve chairman Jerome Powell said he would not step down if Trump asked and that it is "not permitted under law" for the White House to force him out.

Mr Powell was responding to questions from reporters at a press conference after the bank announced a cut to borrowing costs, lowering the Fed's key lending rate to the range of 4.5%-4.75%.

Forecasters have been expecting borrowing costs to fall further in the months ahead but warned that Trump's plans for tax cuts, immigration and tariffs could keep pressure on inflation and drive up government borrowing, complicating those bets.

Trump has pledged to impose import duties of at least 10% on all goods coming into the country, costs that economists say would be passed onto consumers, helping to drive up prices.

https://www.bbc.com/news/articles/cn4v7vwgqj0o

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