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 political out
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 political outcome.
Despite Trump's comments, the Fed chair said he was confident of widespread support in Congress for maintaining the central bank's independence. “We’re not quite there on inflation, but we’re making progress,” Powell said. “We can afford to be a little more cautious." Several other Fed officials have said this week that they expect to keep reducing rates, without committing to a reduction at their next meeting later this month.
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