In a recent address, Federal Reserve Chair Jerome Powell expressed concerns about the outlook for the U.S. economy, especially in relation to President Trump's tariffs, which he believes could harm economic growth while increasing inflation. During a Q&A session, Powell reassured that Fed independence remains secure legislatively, despite concerns raised. He highlighted bipartisan support for this independence, mentioning that any changes to the law are unlikely. He underscored the Fed's commitment to making decisions based solely on data analysis to fulfill their dual mandate effectively.
"Fed independence has pretty broad support across both political parties and in both sides of the hill. So I think that's not a problem."
"Congress could change that law, but I don't think there's any danger of that, Powell replied, adding: Fed independence has pretty broad support."
"Generally speaking, Fed independence is very widely understood and supported in Washington, in Congress, where it really matters."
"We can make our decisions, and we will only make our decisions based on our best thinking, based on our best analysis of the data about what is the way to serve to achieve our dual mandate."
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