Powell 'not concerned' Fed could lose independence under Trump 2.0

Published On Dec 4, 2024, 3:25 PM

Federal Reserve Chair Jerome Powell stated he is confident the Fed will maintain its independence even under a potential Trump administration. During a recent interview, he emphasized that the Fed was designed to operate independently of political pressures and expressed faith in his working relationship with the new Treasury secretary, Scott Bessent. Powell has publicly refuted any notion that he could be demoted or pressured regarding interest rate decisions, citing strong legal protections. He also conveyed optimism about the current state of the US economy, suggesting continued progress on inflation and hinting at a possible rate cut in the near future due to a stronger economic outlook than previously anticipated.