Powell warns against political pressure on Fed

Former chair Jerome Powell on Sunday warned against political pressure on the Federal Reserve, saying that the central bank “has been 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. The public would lose faith that the central bank will make decisions based only on what’s best for all Americans. The Fed’s credibility would be lost,” Powell said during the John F. Kennedy Profile in Courage Award ceremony.

“That credibility enables the Fed to support a strong and stable economy for the benefit of American families and businesses. [Our] credibility has been built and sustained over many decades, and we have a duty to safeguard that priceless........

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