Powell: Will not resign immediately, no interest rate cuts in the short term

According to Nick Timiraos, a reporter from The Wall Street Journal, Federal Reserve Chairman Powell has stated that he will not resign immediately and will continue to serve as a board member after completing the handover of his position next month. This decision breaks the 75 year tradition of successive chairpersons resigning upon the appointment of their successors. At the same time, multiple Federal Reserve officials have unanimously stated that they will not cut interest rates in the short term. Cleveland Fed Chairman Hamack and others believe that rising energy prices and high core inflation make it difficult for monetary policy to shift towards easing. Kevin Walsh, who took over as chairman, faces dual pressure from the White House's expectation of interest rate cuts and internal hawkish consensus.