Musk Supports Presidential Influence Over Federal Reserve Policies

According to Odaily, Elon Musk has expressed support for the idea of allowing the President to intervene in Federal Reserve policies, aligning with former President Donald Trump. This stance was highlighted following a social media post by Republican Senator Mike Lee from Utah, who urged the Federal Reserve to be subordinate to the President. Musk responded on January 8 with a '100' emoji, indicating his full agreement with Lee's sentiment. Lee's post also included the hashtag '#EndtheFed,' suggesting a movement to diminish the Federal Reserve's independence. Musk's brief comment underscores a potential broader movement to exert pressure on the Federal Reserve's autonomy, which could emerge under a future Trump administration. This development comes amid remarks by Federal Reserve Chairman Jerome Powell on January 7, where he stated he would not resign even if requested by Trump. Powell's statement highlights a potentially contentious relationship between the Federal Reserve and the President-elect. The tradition of Federal Reserve independence is designed to allow the central bank to formulate monetary policies based solely on the future health of the U.S. economy, such as adjusting interest rates.