03:21 PM EST, 11/07/2024 (MT Newswires) -- Fed Chairman Jerome Powell (voter) said that the results of the presidential and congressional elections will not likely have an impact on near-term monetary policy decisions, including at the next meeting in December.

Powell repeated that the Federal Open Market Committee does not control fiscal policy and takes it as only one among many inputs. As a result, the FOMC does not assume what the new administration will enact. Powell added that he will not resign if asked by President-Elect Trump, nor does he believe that the president has the power to dismiss or demote Fed officials.

The FOMC lowered the target range for the federal funds rate by 25 basis points to 4.5% to 4.75%, as widely expected, on a unanimous vote. The FOMC made few changes to its policy statement except to note the easing in the labor market seen since earlier in the year and displayed in the hurricane-impacted October employment data.