Federal Reserve Chairman Jerome Powell sounded a defiant note on Wednesday as he announced that there would be no further cuts to interest rates for the time being.
Even though President Donald Trump has been publicly calling for a rate cut to spur additional economic growth ahead of his reelection campaign, Powell kept interest rates at their current level and signaled that he did not foresee any interest rate cuts for the rest of the year.
Powell was asked by a reporter if he was concerned about being "demoted" by Trump in the wake of this announcement, the Federal Reserve Chairman said he wasn't worried.
"I think the law is clear that I have a four-year term and I fully intend to serve it," he replied.
House Speaker Nancy Pelosi (D-CA) slammed the president's threats to the independence of America's central bank and said that "the last thing we need is a president threatening the chairman of the Fed" to help his reelection campaign.
"This is very, very wrong," she added.
Watch the video of Powell below.
Highlight: Fed Chair Jerome Powell on Trump’s tweets about demoting him: “I think the law is clear that I have a 4-… https://t.co/KwqQZo7WL2— Yahoo Finance (@Yahoo Finance) 1560970918.0