US Federal Reserve makes interest rate adjustment, chairman maintains independence in face of external pressure

The US Federal Reserve cut interest rates by a quarter point on 7th November as expected, despite the US election results. Fed Chairman Jerome Powell said he would not resign if asked to do so by Trump, arguing that it is "not permitted by law" for the White House to force him out. Powell also insisted that the election would have no impact on the Fed's policy decisions in the short term, with forecasters predicting further reductions in borrowing costs in the coming months. The move comes after Trump previously criticized Powell for raising borrowing costs in 2018, and Powell's stance suggests a commitment to independence from political pressure.