Former United States Federal Reserve Chair Jerome Powell has warned against the politicisation of monetary policy, saying the independence of the central bank is crucial for maintaining public confidence and economic stability.
Speaking at an awards ceremony in Boston, Powell said the Federal Reserve is facing a “stress test” similar to other democratic institutions in the current political climate. He stressed that Congress intentionally protected the Fed from political interference and noted that similar safeguards exist in other advanced economies.
Powell cautioned that removing Federal Reserve officials over policy disagreements could set a dangerous precedent for future administrations. According to him, such actions would undermine public trust and damage the credibility that the institution has built over decades.
Although he did not directly name President Donald Trump, his remarks come after repeated criticism from Trump, who has frequently pushed the Fed to lower interest rates and questioned its decisions.
Powell also highlighted the importance of democratic institutions, respect for the rule of law, and public service, arguing that these principles remain vital to the strength of the United States.
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