Fed Chairman Powell pushed back against Trump’s pressure to aggressively slash interest rates, quoting a predecessor's insistence that the Fed must be 'absolutely free' from politics
Federal Reserve Chair Jerome Powell on Monday obliquely pushed back against President Donald Trump’s pressure to aggressively slash interest rates, quoting a predecessor's insistence that the Fed must be "absolutely free" from politics.
In a short speech introducing a film on former Chairman Marriner Eccles, Powell praised the legacy of Eccles, who headed the Fed from 1934 to 1948 and for whom the central bank’s headquarters is named.
“I leave you with this statement from Marriner, inscribed on a plaque in the Eccles Building: ‘The management of the central bank must be absolutely free from the dangers of control by politics and by private interests, singly or combined,’” Powell said. Trump has often tweeted that the Fed is clueless and repeatedly urged the central bank to slash rates by a large amount, so the economy can take off like a “rocket ship.”
The Fed has moved to lower rates down two notches since July, pointing to trade tensions, slowing global growth and muted inflation. Fed officials have offered few clues as to whether they will cut rates again at the end of the month, but financial markets are widely expecting them to do so against the backdrop of a shrinking manufacturing sector and other signs of a slowdown.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Colin Powell: The Republican Party Needs To 'Get a Grip' and Stand Up to TrumpColin Powell: Republican Party needs to 'get a grip' and stand up to Trump
Read more »
Ben Affleck has dinner at Giorgio Baldi with 'mystery blonde' who is probably billionaire Laurene Powell JobsBen Affleck has likely business dinner with billionaire Laurene Powell Jobs with whom he's reportedly been friends with for a long time according to Page Six
Read more »
Stocks close higher after modest job gains keep Fed rate cut hopes aliveU.S. stocks closed higher Friday after the Labor Department’s monthly employment report calmed fears of a recession but provided enough evidence of a slowing...
Read more »
Trump defends Syria decision as GOP leaders push backPresident Trump's decision to pull back U.S. troops in Syria, clearing the way for expected Turkish assault, draws outrage from some of his closest allies in Congress. GOP Sen. Lindsey Graham calls it a 'disaster in the making.'
Read more »
Colin Powell: The Republican Party Needs To 'Get a Grip' and Stand Up to TrumpColin Powell: Republican Party needs to 'get a grip' and stand up to Trump
Read more »
AP sources: Trump allies sought changes at Ukraine utilityBusiness associates of Rudy Giuliani, seeking to profit from fuel sales to Ukraine, tried to leverage American influence to replace the CEO of the country’s state-owned natural gas company, two people with knowledge of their plans told the AP.
Read more »