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American Focus > Blog > Economy > Powell says he’s not worried about the Fed losing its independence under Trump
Economy

Powell says he’s not worried about the Fed losing its independence under Trump

Last updated: December 5, 2024 7:40 pm
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Powell says he’s not worried about the Fed losing its independence under Trump
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Federal Reserve Chair Jerome Powell addressed concerns about potential political interference in the central bank’s decision-making process during a recent interview at the New York Times DealBook Summit in New York. Powell expressed confidence in the Fed’s independence, stating that safeguards in congressional legislation protect the institution from political influences.

Powell emphasized the importance of the Fed’s ability to make decisions without fear of reversal, allowing it to prioritize the economic well-being of all Americans over political considerations. He reaffirmed the Fed’s mandate to achieve maximum employment and price stability, emphasizing the need to keep monetary policy decisions free from political interference.

While Powell did not disclose his stance on upcoming interest rate decisions, he highlighted the strength of the U.S. economy compared to other major economies worldwide. This strength, he noted, gives the Fed the flexibility to adopt a cautious approach to future rate adjustments.

The next Federal Open Market Committee meeting is scheduled in two weeks, with markets pricing in a 75% probability of a quarter-point rate cut. Speculation suggests that the Fed may hold off on further rate cuts until later in 2025.

In light of past criticism from President Donald Trump regarding Fed policy decisions, Powell acknowledged the president’s desire for more influence over monetary policy. However, he expressed confidence in Congress’s support for maintaining the Fed’s independence from political pressures.

Despite Trump’s public statements advocating for a greater presidential role in Fed decision-making, Powell emphasized the bipartisan support in Congress for upholding the central bank’s statutory independence. He dismissed concerns about potential risks to the Fed’s autonomy, citing the strong legislative framework in place.

See also  Trump sets 50% tariff rate for Brazil, blasting treatment of Bolsonaro : NPR

As the U.S. prepares for a transition of power in the coming months, Powell’s reassurances about the Fed’s independence serve as a reminder of the institution’s commitment to serving the broader economic interests of the country. Stay tuned for updates on the Fed’s upcoming rate decisions and the ongoing debate surrounding its role in shaping economic policy.

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