Sherrod Brown

Fed Chair Powell stresses importance of an independent Fed

Federal Reserve Chairman Jerome Powell warned Friday that the Fed's independence from political pressure must be respected if it is to succeed in controlling inflation, maximizing employment and regulating the financial system.

His remarks Friday came after Kevin Warsh, a former Fed official who President Donald Trump interviewed for the chairman post, said in an interview earlier this month with Politico that Trump did not appear to view the Fed as an independent body. He said Trump was direct about how he thought interest rates should be managed.

Powell, in a speech in Stockholm, warned against taking that independence for granted given its recent success in keeping...

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