In his prepared remarks delivered at the Council on Foreign Relations in New York, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, noted that interest rates were lower than in the part and were likely to remain so. Below are some key takeaways as reported by Reurets.
” U.S. Central Bank is independent, ‘insulated from short-term political pressures’.
“Congress insulated Fed from political pressure ‘because it had seen the damage’ that can result.”
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
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