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Powell says Fed is wrestling with whether to cut rates, insulated from politics
Federal Reserve Chairman Jerome Powell on Tuesday said the U.S. central bank is “insulated from short-term political pressures,” as policymakers wrestle with whether to cut rates as President Donald Trump has demanded. “The Fed is insulated from short-term political pressures -what is often referred to as our ‘independence,’” Powell said in a speech he delivered at the Council on Foreign Relations in New York. “Congress chose to insulate the Fed this way because it had seen the damage that often arises when policy bends to short-term political interests. Central banks in major democracies around the ... (full story)