Fed Chair Jerome Powell Confident Fed Independence Will Endure Under Trump Administration

Federal Reserve Chair Jerome Powell expressed confidence in the Fed's independence amid concerns about potential political interference from President-elect Donald Trump. Powell emphasized the safeguards in congressional legislation that protect the central bank from political influence. He stated that independence allows the Fed to focus on its dual mandate of maximum employment and price stability for all Americans. At the DealBook Summit, Powell reassured that external pressures cannot reverse the Fed’s decisions. While Powell avoided signaling the Fed's near-term interest rate direction, he highlighted the U.S. economy's strength and the ability to proceed cautiously.