Biden Adviser Warns Trump Risks Inflation If He Meddles With Fed
- Bernstein cautions against compromising bank’s independence
- Trump’s Treasury pick Bessent says FOMC should be independent
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A top economic adviser to President Joe Biden warned that Donald Trump’s incoming administration risks reigniting inflation if it interferes with the Federal Reserve’s policymaking on interest rates.
Jared Bernstein, the chairman of the Council of Economic Advisers, said he is keeping an open mind about the president-elect’s team but alluded to Trump’s past musings that the executive branch should have greater say over the central bank’s rate-setting.