The Federal Reserve has lowered its benchmark lending rate by a quarter percentage point, and Chairman Jerome Powell has stated that he would not step down from his position if asked by President Donald Trump. Powell clarified that the removal or demotion of any Fed board leaders is “not permitted under the law.”
Source: https://www.bloomberg.com/news/articles/2024-11-07/fed-cuts-rates-for-second-straight-meeting-to-support-economy