The Central Bank Chief Jerome Powell has been criticized several times by the President of the USA Donald Trump who said that he wants to dismiss the Fed Chief. In a TV interview with Fox Business, the Finance Minister emphasizes that the Fed Chief's mandate runs until May and that nothing suggests that Jerome Powell should leave his position prematurely.
At the same time, the Finance Minister opens up to reviewing the central bank's renovations that have gone over budget, but emphasizes the importance of not letting fiscal policy interfere with monetary policy.
We should put it aside — it should be a bit like in a jewel box, says Bessent to the TV channel Fox Business.
According to sources for the Wall Street Journal, the USA's Finance Minister Scott Bessent has managed to persuade the President to refrain from dismissing the Fed Chief.
The Fed Chief Jerome Powell was to hold a planned speech during a bank conference in the USA on Tuesday. After a delay, he held a short welcome speech for the conference guests without commenting on the latest political developments.
At the conference, however, Fed top executive Michelle Bowman comments on the political developments for CNBC.
It is very important, and I have said it several times before, that we maintain our independence when it comes to monetary policy, she says to the TV channel.
