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Powell's Firm Statement: No Resignation Until Investigation is Complete!
Don't Rush to Cut Rates!
On March 19, Federal Reserve Chair Powell finally responded directly to questions about his future, clearly stating his position: I will not resign until the Justice Department's investigation is completely finished.
He also mentioned that if the next appointee has not completed the Senate confirmation process, he will continue to lead the Federal Reserve in an interim capacity as required by law. As for whether he will serve out his term as a board member until 2028, he will decide based on what is most beneficial for the institution and the public.
On the same day, the latest Federal Reserve meeting results were released: for the second consecutive time, the interest rate was maintained at 3.5%—3.75% unchanged.
Powell poured cold water on expectations for a rate cut during the press conference: with interest rates currently at a reasonable level and the economy not showing significant weakness, there is no reason to cut rates.