Federal Reserve Chair Jerome Powell asserted his commitment to continuing his term, stating President Trump lacks the authority to fire him. This move comes amidst escalating tensions as President Trump seeks to influence U.S. monetary policy. Powell’s stance aims to safeguard the Federal Reserve’s independence and stability in a volatile market landscape.
The announcement sparked concern as it highlights potential conflicts regarding Fed autonomy, especially with Trump attempting to alter Fed governor positions. Market reaction included fluctuations across major asset classes like Bitcoin (BTC) and Ethereum (ETH). Analysts emphasize the potential for increased volatility driven by uncertainty surrounding U.S. monetary policy.