Federal Reserve Chair Jerome Powell warned of potential economic damage from President Trump’s tariffs during a speech at the Economic Club of Chicago. He emphasized that the tariffs could hinder economic growth and lead to higher inflation. When questioned about the independence of the Federal Reserve, Powell reassured the audience that the Fed operates free from political pressure. He highlighted that Fed independence is protected by law and enjoys broad bipartisan support. Powell reiterated his commitment to serving out his term and making decisions solely based on economic data and analysis, not political influence. His stance was met with applause, reinforcing the importance of central bank autonomy in monetary policy decisions.
— new from Mediaite
