Trump says he wants new Fed chair to be 'totally independent'
US President Donald Trump said the new Federal Reserve chair, Kevin Warsh, should be 'totally independent'. Trump had earlier pressed Warsh's predecessor publicly to cut interest rates, and the remark revived a long-running debate over the central bank's autonomy.
US President Donald Trump said the new Federal Reserve chair, Kevin Warsh, should run the central bank in a 'totally independent' way. The remark followed months of presidential commentary on interest-rate policy.
Trump had repeatedly and publicly pressed Warsh's predecessor to lower borrowing costs. His emphasis on independence at the start of the new chair's tenure was read as an attempt to ease the tensions those interventions created. Economists note that the central bank's ability to set policy free of political pressure is widely seen as central to market confidence.
The core question facing Warsh is how to balance the path of inflation against the need to support growth. Analysts say the Fed's first moves, and Warsh's stance on autonomy, will be watched closely for their effect on US Treasury yields and the dollar.
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