{"id":6005,"date":"2019-01-04T18:34:56","date_gmt":"2019-01-04T18:34:56","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/no-jerome-powell-wont-resign\/"},"modified":"2019-01-04T18:34:56","modified_gmt":"2019-01-04T18:34:56","slug":"no-jerome-powell-wont-resign","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/no-jerome-powell-wont-resign\/","title":{"rendered":"‘No’ Jerome Powell won’t resign"},"content":{"rendered":"\n
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\n Reuters<\/span><\/p>\n

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\n Federal Reserve Chair Jerome Powell says he is listening carefully to market signals
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Federal Reserve Chair Jerome “Jay” Powell took steps to reassure financial markets on Friday, saying that the US central bank would be “patient” about rate rises.<\/p>\n

He also defended his independence, saying he would not resign if requested Donald Trump asked.<\/p>\n

Stocks in the US spiked after the remarks, made at a meeting of the American Economic Association.<\/p>\n

The Dow and S&P 500 were up 3.4% at mid-day, while the Nasdaq climbed 4.2%.<\/p>\n

The gains, also driven by strong job creation data, reversed sharp falls from a day earlier, extending the recent rollercoaster ride in markets.<\/p>\n

Investors have grown nervous in recent months, worried in part about moves by the Federal Reserve to increase interest rates, despite signs of a global growth slowdown.<\/p>\n

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US President Donald Trump has been one of the loudest critics of the rising rates, which raise the cost of borrowing and risk dampening economic growth.<\/p>\n

He has blamed the Fed for stock market declines and said he is “not even a little bit happy” with Mr Powell, whom he named to lead the Fed in 2017.<\/p>\n

At the conference on Friday, Mr Powell said he has not spoken directly to Mr Trump and would not resign if asked. No face-to-face meetings have been scheduled, he added.<\/p>\n

‘Ahead of the data’<\/h2>\n

He also defended the Fed’s rate rises, pointing to strong economic data that suggest businesses and households can handle the higher costs.<\/p>\n

A new jobs report on Friday showed US employers added more than 300,000 jobs in December – well above expectations.<\/p>\n