Foreign Media: Musk May Support Trump's Intervention in the Federal Reserve

According to CNBC, Musk is a loyal supporter of President-elect Trump and supports the idea of "allowing the president to interfere with Federal Reserve policy". The report stated that Republican Senator Mike Lee from Utah had previously called on social media for the Federal Reserve to "obey the president". In response, Musk posted an emoji of "100", indicating complete agreement. Mike Lee added "#EndtheFed" (meaning "end the Federal Reserve") in his post. Although Musk's comment was brief, it reflected a potentially broader pressure campaign against the independence of the Fed in a future Trump administration.

The report also mentioned that Jerome Powell, Chairman of the Federal Reserve, said on 7th that even if Trump asked him to resign, he would not do so. This indicates there could be contentious relations between elected presidents and Fed chairmen. The tradition of independence at the Fed aims to give central banks full ability to formulate monetary policies based solely on future health conditions of US economy such as raising or lowering interest rates.