What Powell is telling allies as Trump pressures him to resign

Federal  Reserve Chair Jerome Powell has told multiple associates and allies that there’s no chance he will bow to President Donald Trump’s calls for him to resign, vowing to withstand several more months of the president’s unprecedented, multi-pronged assault over Powell’s refusal to lower interest rates.

The top central banker has privately argued that he must stay put for more than just personal reasons — the fate of his chairmanship is now linked with that of the Fed’s overall independence, according to people familiar with the discussions. He has said that stepping down now would undermine the institution’s longstanding freedom from political interference.

“He feels very strongly that his responsibility is to maintain that independence,” said GOP Sen. Mike Rounds of South Dakota, who is among those who have personally questioned Powell over whether he might quit. “I’ve asked him, and he says no, that would reduce the independence of the Federal Reserve.”

Powell’s determination to serve out his term through May 2026 ensures he will remain the target of a White House-led attacks on the Fed, which has faced intensifying pressure to cut interest rates. That coordinated effort has put the central bank’s traditionally staid decision-making under intense scrutiny — and raised fresh concerns about the potential economic consequences of meddling with monetary policy for political purposes.

A low-key econom