Fed Chair Jerome Powell says he won't resign if Donald Trump asks him to step down
CBSN
Federal Reserve Chair Jerome Powell said he won't step down if President-elect Donald Trump, who has previously criticized Powell's performance, asks him to resign.
Speaking at a press conference Thursday to discuss the Fed's move today to cut its benchmark interest rate by 0.25 percentage points, Powell added that it is not permitted under the law for presidents to fire or demote the Fed chair.
During the event, Powell generally avoided answering media questions about the Nov. 5 election, in which Trump defeated Vice President Kamala Harris.
The U.S. Department of Agriculture announced that students eligible for free or reduced-price school meals cannot be charged processing fees, also known as junk fees, beginning in 2027.
A British doctor who was disgruntled about his inheritance and injected his mother's boyfriend with poison presented as a COVID-19 vaccine was sentenced Wednesday to 31 years in prison.
Washington — The Justice Department and special counsel Jack Smith's office are engaged in active discussions about how to wind down the ongoing federal prosecutions against President-elect Donald Trump, according to two people familiar with the talks.
As President-elect Donald Trump readies to return to the Oval Office, U.S. retailers that depend on foreign suppliers are prepared to pass along the cost of his proposed import tariffs to consumers, potentially leading to higher prices for a range of products.
President-elect Donald Trump's victory in the November 5 election highlights the frustrations of millions of voters, with many Americans noting in exit polls on Tuesday that they're still hurting from the highest inflation in 40 years and dissatisfied with the nation's economic trajectory.
Former President Donald Trump, now reelected to a second term, has vowed to enact business-friendly policies, including sharp corporate tax cuts, higher tariffs and swift deregulation.
Washington — Vice President Kamala Harris is set to speak Wednesday at 4 p.m. ET from Howard University in Washington, D.C., after she was defeated by former President Donald Trump in the race for the White House.
JPMorgan Chase CEO Jamie Dimon will remain in his post at the bank and has no plans to take a position within the Trump administration, a source familiar with the matter told CBS MoneyWatch Wednesday.
As the 2024 election results continued rolling in Wednesday morning, the outcomes of federal and state races took shape across the United States. A handful of them marked historic victories, with Congress' first transgender representative and Maryland's first Black senator among them.
Stocks and other financial assets are surging after Donald Trump was projected as the winner of the U.S. presidential election and the Republican party gained control of the Senate.
Donald Trump's projected victory at the polls is giving a fresh boost to stocks.