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MNI BRIEF: Powell Says Fed Has Tools To Defend Independence

(MNI) WASHINGTON
USPolicy NewsHomepageCentral Bank NewsFederal ReserveBriefStoryRegionNorth America

Federal Reserve Chair Jerome Powell on Tuesday said the central bank has "without question" the tools to defend its independence and Fed independence is "broadly understood and supported" on Capitol Hill.

"I talk to elected representatives in both political parties in the House and the Senate and I think there's very strong support on both sides of the aisle on both sides of Capitol Hill for an independent Fed," he said in Q&A at an event in Amsterdam. "The Fed is doing the absolute best we can with the tools that we have in the understanding of the economy that we have. I think that that is very broadly understood and supported on Capitol Hill. I'm less worried about that than the sort of things that have been in the press lately might suggest."

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Federal Reserve Chair Jerome Powell on Tuesday said the central bank has "without question" the tools to defend its independence and Fed independence is "broadly understood and supported" on Capitol Hill.

"I talk to elected representatives in both political parties in the House and the Senate and I think there's very strong support on both sides of the aisle on both sides of Capitol Hill for an independent Fed," he said in Q&A at an event in Amsterdam. "The Fed is doing the absolute best we can with the tools that we have in the understanding of the economy that we have. I think that that is very broadly understood and supported on Capitol Hill. I'm less worried about that than the sort of things that have been in the press lately might suggest."

Keep reading...Show less