Friday 13 December 2019
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business-standard - 25 days ago

Fed chief reasserts independence in talks with Trump

Federal Reserve Chairman Jerome Powell reasserted the independence of the US central bank during White House talks with President Donald Trump on Monday, the Fed said. Powell attended the meeting, which comes amid an unprecedented campaign of public attacks on the central bank, at the invitation of the president, and was joined by Treasury Secretary Steven Mnuchin, the Fed said in a statement. In a tweet, Trump, who has lambasted Powell in harsh, personal terms over monetary policy, said the meeting was good cordial, adding that everything was discussed including interest rates, inflation, foreign exchange and the Fed s balance sheet policies. The Fed, however, said Powell s comments were consistent with last week s congressional testimony and did not concern expectations for monetary policy, except to say it will depend entirely on new economic information. Finally, Chair Powell said that he and his colleagues on the Federal Open Market Committee will set monetary ...

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