Powell says he would not resign as Fed chair if Trump asked

Powell says he would not resign as Fed chair if Trump asked

President Donald Trump and Democratic leaders failed to strike a deal on Friday to end a partial shutdown of the US government as they fought over Trump's request for $5 billion to fund a wall on the border with Mexico, lawmakers said.

The question about Powell's possible departure arose after Trump expressed disagreement with the Federal Reserve's monetary policy to increase interest rates and the chairman's work overall.

The Fed has a long history of nonpartisanship saying,"it's had a very strong culture around nonpolitical activity", said Powell. The market bounce came after a volatile December selloff in which traders grew increasingly skeptical of the Fed's upbeat forecasts and plans to keep hiking interest rates in 2019.

Powell said the Fed will act on the current normalization of the balance sheet if conflicts with the Fed's goals arise.

Asked if he would resign if Trump asked him to do so, Powell responded with a short "no".

India rejects Trump's 'sermons' on Afghanistan, says it is building lives
Presidents condemned it, but they also remained supporters of the Afghans' holy Jihad ", the statement said. Trump was talking to the press following hisfirst cabinet meeting of 20i9 at the White Housein Washington .

Near 1540 GMT, the Dow Jones Industrial Average was up 2.5 per cent at 23,247.05, winning back most of the 2.8 per cent lost on Thursday amid fears of slowing growth.

Trump, who picked Powell to head the Fed starting last February, has been intensely and publically critical of Powell's Fed and Powell personally, accusing him of hurting the economy by raising rates.

Speaking after months of volatility in world financial markets, and just hours after a monthly jobs report suggested the US economy remained robust, Powell's soothing comments initially pushed stock indexes higher. "I can't think of any Fed chairs who didn't eventually meet with the president, but again nothing has been scheduled and I don't have anything to report".

Earlier on Friday, the Labor Department reported that nonfarm payrolls jumped by 312,000 jobs, well above market expectations, while wages and labour force participation rose, all signals of sustained economic strength. The stock market has seen stomach-churning declines since October, a development that Trump has blamed on the Fed's continued rate hikes, although the president's trade dispute with China as well as concerns about global economic growth also played a part in the market volatility. It marked the ninth time the Fed has raised interest rates since 2015.

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