Powell Dismisses Political Influence on Rate Decisions
Addressing speculation on political pressure, Powell confirmed that he has had “no contact” with President Donald Trump since the president publicly called for immediate rate cuts. Powell reiterated the Fed’s independence, stating that policymakers remain focused on their mandate rather than external political considerations. He assured markets that the central bank will continue working toward its goals without interference.
Commitment to Inflation Target and Data-Driven Policy
Powell reaffirmed the Fed’s commitment to achieving a 2% inflation target, emphasizing that it will not be altered as part of the central bank’s upcoming policy review. He stated that any future adjustments to monetary policy would require “real progress on inflation” or signs of labor market weakness….
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