Powell: Fed Remains Apolitical, Decisions Not Influenced by Elections

IconCryptoNewsTerminal Staff31 Jul, 2024

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Powell: Fed Remains Apolitical, Decisions Not Influenced by Elections

Jerome Powell, Chairman of the US Federal Reserve, affirmed the Fed's impartiality. He declared that policy decisions are data-driven and not swayed by political events or candidates. "The Fed doesn't engage in partisan politics," Powell asserted at a news conference. Powell emphasized that the Fed's mandate of price stability and maximum employment guides its actions. He stated, "We don't speculate on election outcomes or adjust our policies accordingly. Our focus is solely on economic well-being." The Fed's independence is crucial to maintaining economic stability and avoiding political interference in monetary policy. Powell's remarks reassure markets that the Fed will remain objective and data-driven in its decision-making.

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