Jay Powell has said he is “not concerned” that Donald Trump’s administration will erode the Federal Reserve’s independence, despite the president-elect’s frequent attacks on the US central bank.
The Fed chief said his institution’s independence was protected by “the law of the land”, and that it had wide-ranging backing from both Republicans and Democrats on Capitol Hill.
“We’re supposed to achieve maximum employment and price stability for the benefit of all Americans and keep out of politics completely,” he said at a conference hosted by The New York Times on Wednesday. “There is very, very broad support for that set of ideas in Congress.”
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