The Financial Post reports in its Thursday edition that Federal Reserve chairman Jerome Powell has stated he is not resigning and would not comply if Donald Trump attempted to fire him, asserting it is "not permitted under law." The Post's William Watson writes that the last time there were rumours of Mr. Trump firing Mr. Powell, he indicated he would fight the dismissal in court. As the former general counsel noted, allowing such a removal would jeopardize the independence of future Fed chairs. Mainstream economists are adamant that central banks should be as independent as possible. Mr. Watson notes that most successful countries' institutions are designed to insulate central bank governors from politics. A new study based on a survey of 5,205 American consumers suggests the Fed is not insulated from politics. The survey found that people's perceptions of the Fed depend on their own political sympathies. Survey authors say, "Most Democrat-leaning participants (66 per cent) believe the Fed favours Republicans, whereas most Republican-leaning participants (60 per cent) see it as favouring Democrats." Over all, 63 per cent of participants, almost two-thirds, thought the Fed worked in the interests of "the other party."