RHODE ISLAND: Federal Reserve Chair Jerome Powell strongly rebutted accusations that the central bank allows political considerations to influence its policy decisions.
Powell identified President Donald Trump among the many critics alleging the Fed prioritises politics over economic data.
Speaking in Rhode Island, Powell stated that many people do not believe the Fed is letting the data drive decisions.
He added that the truth is, mostly people who are calling the central bank political are just making a cheap shot.
The Fed chair’s comments represent a direct response to ongoing criticism from the White House and other political figures.
Powell emphasised the institution’s commitment to its data-driven, independent mandate despite external pressure.
The central bank faces intense scrutiny over its interest rate decisions ahead of the 2020 presidential election.
Powell’s remarks underscore the Fed’s effort to maintain credibility and distance itself from partisan debates. – Reuters