Fed chief Jerome Powell highlighted the importance of an independent central bank, amid steady criticism of the Fed’s monetary policy from President Trump
By Paul Kiernan Oct. 7, 2019 1:01 pm ET WASHINGTON—Federal Reserve Chairman Jerome Powell highlighted the importance of an independent central bank on Monday, amid steady criticism of the Fed’s monetary policy from President Trump in recent weeks.
Speaking at the premiere of a documentary about the late Marriner S. Eccles—the Fed’s chairman from 1934 to 1948—Mr. Powell focused on his predecessor’s efforts to distance the central bank from political considerations. “From my perspective as Fed chair, he is responsible more than any other person for the fact that the United States today has an independent central bank—a central bank able to make decisions in the long-term best interest of the economy, without regard to the political pressures of the moment,” Mr. Powell said of Mr. Eccles.
The remarks came at a time when the Fed is facing unprecedented public criticism from the president, who says it hasn’t lowered interest rates enough. In his most recent attack on the central bank, Mr. Trump said via Twitter on Oct. 1 that rates are too high and that Fed officials “are their own worst enemies, they don’t have a clue. Pathetic!”
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