US central bank chief says his institution has ‘broad support’ on Capitol Hill
Jay Powell has said he is “not concerned” that Donald Trump’s administration will erode the Federal Reserve’s independence, despite the president-elect’s frequent attacks on the US central bank. The Fed chief said his institution’s independence was protected by “the law of the land”, and that it had wide-ranging backing from both Republicans and Democrats on Capitol Hill.
“I am confident that I will have the same kind of relationship with once he’s confirmed as I’ve had with other Treasury secretaries.” Powell spoke less than a fortnight before the Fed’s final policy meeting of 2024. His comments are be his last prior to the gathering, since a blackout period for communications begins in coming days. The Fed has already cut rates by 0.75 percentage points over the course of its previous two meetings to 4.5-4.
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