Fed Chairman Powell pushed back against Trump’s pressure to aggressively slash interest rates, quoting a predecessor's insistence that the Fed must be 'absolutely free' from politics
Federal Reserve Chair Jerome Powell on Monday obliquely pushed back against President Donald Trump’s pressure to aggressively slash interest rates, quoting a predecessor's insistence that the Fed must be "absolutely free" from politics.
In a short speech introducing a film on former Chairman Marriner Eccles, Powell praised the legacy of Eccles, who headed the Fed from 1934 to 1948 and for whom the central bank’s headquarters is named.
“I leave you with this statement from Marriner, inscribed on a plaque in the Eccles Building: ‘The management of the central bank must be absolutely free from the dangers of control by politics and by private interests, singly or combined,’” Powell said. Trump has often tweeted that the Fed is clueless and repeatedly urged the central bank to slash rates by a large amount, so the economy can take off like a “rocket ship.”
The Fed has moved to lower rates down two notches since July, pointing to trade tensions, slowing global growth and muted inflation. Fed officials have offered few clues as to whether they will cut rates again at the end of the month, but financial markets are widely expecting them to do so against the backdrop of a shrinking manufacturing sector and other signs of a slowdown.
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