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Economics

Powell Told Democrats Fed Won’t Bend to Pressure, Sources Say

  • Chairman invited to discuss economy at retreat for lawmakers
  • Powell doesn’t mention Trump’s frequent attacks on the Fed
Jerome Powell
Jerome PowellPhotographer: Andrew Harrer/Bloomberg
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Federal Reserve Chairman Jerome Powell asserted the central bank’s independence in remarks to Democratic lawmakers, telling them the Fed doesn’t consider political pressure in any way, according to two people in the room for the closed-door event.

Powell’s appearance Thursday night at a Democratic retreat in Leesburg, Virginia, came as many of the lawmakers gathered there have raised alarms about the Fed’s independence in light of President Donald Trump’s frequent criticisms of the central bank.