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Powell Defends Fed Independence Amidst Interest Rate Debate
Federal Reserve Chairman Jerome Powell emphasizes the central bank's independence, cautious approach to interest rates, and concerns about the U.S. budget.
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PoliticsEconomyUs PoliticsFinancePolicyCentral Bank
Federal ReserveCongress
Jerome PowellDonald Trump
- How did Powell defend the Federal Reserve's independence?
- Powell stressed the importance of the Fed's independence, stating that its monetary policy decisions are not subject to review by any other government entity except Congress.
- What was the main topic of Jerome Powell's speech in Dallas?
- Jerome Powell, chairman of the Federal Reserve, reiterated the importance of the central bank's independence from political considerations in a speech in Dallas, Texas.
- What was Powell's view on the impact of immigration on the economy?
- Powell acknowledged that increased immigration boosted economic growth in 2023 and 2024, especially amid labor shortages, but declined to comment on the desirable level of immigration.
- What concerns did Powell express about the U.S. government's finances?
- Powell highlighted that the U.S. government's budget is on an unsustainable path with a soaring deficit and increasing debt, warning about potential risks to the Treasury market's functionality.
- What is Powell's stance on lowering interest rates in the near future?
- Powell emphasized that there is no rush to lower interest rates and that the Fed will proceed cautiously, thus cooling down market expectations for a rate cut in December.