Central banks should be apolitical, not unaccountable. Monetary technocrats should serve the People.
President Donald Trump assailed the Federal Reserve’s approach to bank regulation and accused Chair Jay Powell of fumbling the fight against inflation, while refraining from directly commenting on interest rates.
The Federal Reserve said Friday that it is leaving an international grouping of central banks that focused on how regulation of the financial system could help combat climate change. The Fed's membership has been criticized by Republicans in Congress.
Donald Trump is expected to elevate Michelle Bowman, a fifth-generation community banker and current Fed governor, as the government’s most influential banking regulator.
Fielding a range of questions about the imprint of the Trump administration on the U.S. central bank, Federal Reserve Chair Jerome Powell on Wednesday said that politics had not prompted the Fed's decision to leave a global climate-focused group,
The president blamed inflation on the Fed’s supposed focus on “DEI, gender ideology, ‘green’ energy, and fake climate change.”
The president bashed Jerome Powell on inflation less than two hours after the Fed chair announced interest rates would stay put. As Bank of America CEO Brian Moynihan may attest, Trump’s timing is not coincidental.
Trump commented after the Federal Open Market Committee voted unanimously to keep the federal funds rate in a range of 4.25%-4.5%
US Federal Reserve policymakers meeting next week are expected to keep interest rates on hold but the larger story unfolding will be how the central