Tesla (TSLA) CEO and vocal Trump backer Elon Musk has signaled support for expanding presidential authority over the Federal Reserve's policy decisions.

Musk agreed with Utah Senator Mike Lee's (R) social media post on X which argued that the executive branch "should be under the direction of the president." This stance echoes President-elect Donald Trump's campaign rhetoric, where he repeatedly advocated for influence over Fed decisions and called for the resignation of Federal Reserve Chair Jerome Powell.

Yahoo Finance Fed Reporter Jennifer Schonberger breaks down the details.

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This post was written by Angel Smith