Musk supports Trump's intervention with the Federal Reserve after his election victory

Tesla CEO Elon Musk (R) joins former US President and Republican presidential candidate Donald Trump at a campaign rally at the site of his first assassination attempt in Butler, Pennsylvania on July 5 October 2024.

Jim Watson | Afp | Getty Images

Tesla and SpaceX CEO Elon Musk, the billionaire who supports newly elected President Donald Trump, has endorsed the idea of ​​allowing presidents to intervene in Federal Reserve policy.

In response to a Thursday social media post from Sen. Mike Lee of Utah that called for the Fed to be under the president's leadership, Musk on Friday posted the “100” emoji used to express his agreement.

Senator Lee punctuated his message with “#EndtheFed”.

Although brief, Musk's comment reflects a broader pressure campaign on Fed independence that could take shape under the incoming Trump administration.

On Thursday, Fed Chairman Jerome Powell said he would not resign from his post if Trump asked him to. This marked the rebirth of what could once again evolve into a contentious relationship between the Fed chairman and the president-elect.

The tradition of Fed independence is intended to give the central bank the ability to shape monetary policy decisions, such as raising or lowering interest rates, based solely on the future health of the American economy.

But during his first term, Trump did not hesitate to break with tradition and publicly disparage Powell and his policy decisions.

During the 2024 presidential campaign, Trump also often flirted with the idea of ​​giving himself a say in Fed policy should he win the White House again.

“I think the president should have at least [a] “I think in my case, I've made a lot of money, I've had a lot of success, and I think I have better instincts than, in many cases, people who would be in the Federal Reserve or the president.

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