Welcome to The Hill's Business & Economy newsletter{beacon} Business & Economy Business & Economy   The Big Story  Powell says he wouldn’t step down if Trump asked Federal Reserve Chair Jerome Powell, whose term ends in 2024, said Thursday that he would not step down even if President-elect Trump requested it of him. © Greg Nash When asked to elaborate and if he would be legally required to leave, Powell, who was appointed by the president-elect during his first term, said, “No.” Powell later said it is “not permitted under the law” for the president to fire or demote him or any of the other Fed governors with leadership positions.  Despite being tapped by Trump for the post in 2017, Powell has repeatedly been the target of the president-elect's criticisms for not cutting rates fast enough throughout his tenure.  He was later reappointed by President Biden in 2021 — despite objections from progressives who have also criticized the chair.  Trump suggested earlier this year that Powell, a lifelong Republican, was “political” and would cut rates ahead of the 2024 election to help Democrats. While the Fed did cut rates in September by a whopping 50 basis points, Trump handily defeated Vice President Harris this week.  The Fed is a politically independent agency and closely guards its reputation.  But in August, Trump suggested he should “have at least a say” in monetary policy, including interest rates, because he has “made a lot of money.” Trump later walked back his comments during an interview with Bloomberg.  “I think it’s fine for a president to talk,” he said. “It doesn’t mean that they have to listen.”  Trump also said over the summer that he would let Powell serve out his term, “especially if I thought he was doing the right thing,” but that he would not reappoint him for another term.  The Hill's Taylor Giorno has more here.  Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:  Bill Gates congratulates Trump after reported $50M donation backing HarrisBillionaire Bill Gates, who reportedly gave $50 million to a PAC backing Vice President Harris in this year’s election, congratulated President-elect Trump on Thursday afternoon following his decisive win.  Full Story  Powell says he won’t resign for Trump, can’t be firedFederal Reserve Chair Jerome Powell had a clear, direct response when asked during a press conference Thursday if he would step down if asked to do so by President-elect Trump.  Full Story  Powell: Fed won’t ‘speculate’ about Trump’s impact on economy The Federal Reserve cut interest rates by 0.25 percentage points Thursday, the second consecutive cut after a two-year rate-hike run to curb postpandemic inflation.  Full Story   The Ticker  Upcoming news themes and events we're watching: On the heels of another interest rate cut Thursday, the consumer price index inflation reading for October comes out next Wednesday at 8:30 a.m. ET.  In Other News  Branch out with more stories from the day:Federal Reserve cuts its key interest rate by a quarter-point amid postelection uncertainty WASHINGTON (AP) — The Federal Reserve cut its key interest rate Thursday by a quarter-point in response … Full Story   Good to Know  Business and economic news we've flagged from other outlets: For Trump and Republicans in Congress, ‘everything is in play’ on tax cuts (The Washington Post) Wall Street expects Trump presidency will unlock deal-making (CNBC) A Spike in Demand, and Fees, for Lobbyists With Ties to Trump (The New York Times)  What Others are Reading  Top stories on The Hill right now: Trump’s second term Cabinet: Here’s who may fill key roles President-elect Trump’s transition team has already started vetting potential candidates to serve in key administration posts once he takes office for a second time in January. Read more Trump picks Susie Wiles for White House chief of staff Susie Wiles, who led President-elect Trump’s campaign for the past two years, will serve as his chief of staff when he takes office in January. Read more  You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe