Federal Reserve chair Jerome Powell Trump's attacks on the Fed are a departure from almostthree decades of caution in the White House about making publiccomments on monetary policy, out of respect for the independence ofthe central bank.

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(Bloomberg) –Federal Reserve Chairman Jerome Powell said heintends to serve his full four-year term as head of the Federal Reserve, after the White House exploredways of removing him from the job amid criticism from PresidentDonald Trump.

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“I think the law is clear that I have a four year term, and Ifully intend to serve it,” Powell said at a press conference inWashington on Wednesday after policy makers met to discuss interestrates. They left the benchmark rate unchanged, while signaling acut has become more likely.

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Related: The Federal Reserve's role in retirementinvesting

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Bloomberg News reported Tuesday that the WhiteHouse in February examined the legality of stripping thechairmanship from Powell and demoting him back to a Fed governor.Bloomberg reported in December that Trump had discussed firingPowell amid mounting frustration over interest-rate increases lastyear.

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The president has repeatedly criticized Powell, his own pick as Fed chair, for not doing enoughto boost the economy. Trump has called for lower interest rates ashe seeks to offset the headwinds created by his trade war withChina, and create a favorable backdrop for his re-election campaignnext year.

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Trump told ABC News Friday that he disagreedwith Powell “entirely,” adding that “if we had a different personin the Federal Reserve that wouldn't have raised interest rates somuch,” economic growth would have been stronger. He returned to thefray as the Fed meeting got under wayTuesday, calling out the European Central Bankfor weakening the euro by pledging policy stimulus.

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In addition to Powell, Trump has picked three of the other fourcurrent members of the Fed Board in Washington. They all voted infavor of the Fed's last interest-rate increase in December.

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The president's attacks on the Fed are a departure from almostthree decades of caution in the White House about making publiccomments on monetary policy, out of respect for the independence ofthe central bank.

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