WASHINGTON (AP) — Chair Jerome Powell said Wednesday that the Federal Reserve's ability to set interest rates free of political interference is necessary for it to make decisions to serve “all Americans” rather than a political party or a specific ou
WASHINGTON — Chair Jerome Powell said Wednesday that the Federal Reserve's ability to set interest rates free of political interference is necessary for it to make decisions to serve “all Americans” rather than a political party or a specific outcome.
The Fed chair said he was confident of widespread support in Congress for maintaining the central bank's independence. The Fed has been aiming to deliver a “soft landing” for the economy, whereby the central bank's interest rate hikes manage to help reduce inflation to its 2% target without causing a recession. History has shown it's a rare and difficult feat.
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