BNY CEO Calls Attacks on Federal Reserve ‘Counter-Productive’

Bank of New York Mellon Corp.’s top executive called the US Justice Department’s attacks on the Federal Reserve “counter-productive” to the Trump administration’s goals of boosting the US economy and prioritizing affordability.

The US central bank’s independence has long served economies and capital markets well, BNY Chief Executive Officer Robin Vince said on a conference call with members of the media Tuesday, and the shaking of that foundation of the US bond market could actually be counter-productive to the White House’s goals.