Jay Powell has said the US Federal Reserve is in the throes of a “stress test” that threatens the strength and stability of the world’s largest economy, claiming Donald Trump’s attempts to fire central bankers undermine the rule of law.
Powell, who last week returned to the role of Fed governor after an eight-year stint as chair, said in Boston on Sunday that the Fed was “like many other [US] institutions . . . undergoing a stress test”.
“If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” Powell added, in a speech as he accepted this year’s John F. Kennedy Profile in Courage Award.
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