Jerome Powell Criticized: Could Trump Remove Him Over Rate Cut Dispute?

Federal Reserve Chair Jerome Powell testified at Congress for two days, addressing questions on inflation, monetary policy, crypto banking, and the Fed’s autonomy. His responses highlighted the central bank’s current priorities and future direction. Despite market fluctuations, Powell emphasized the Fed’s commitment to lowering inflation rates. He also discussed the importance of banks understanding risks associated with crypto ventures. Additionally, Powell asserted the Fed’s independence from presidential influence and clarified the limited use of quantitative easing. The testimony provided insights into the Fed’s cautious approach and upcoming decisions regarding innovation, regulation, and economic stability.