Powell uses JFK award speech to defend Fed from political pressure

Former US Federal Reserve chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honouring his efforts to preserve the central bank’s independence.Speaking at the John F. Kennedy Presidential Library, Powell called universities, courts, Congress and the central bank “the foundation and the embodiment of our democracy” and argued that the Fed’s independence was a “priceless asset” that must be protected.It was one of his most direct defences of Fed independence, warning that a single administration’s decision to remove bank officials over policy differences would open the way for future elected officials to follow suit, ultimately undermining the credibility that the Fed has spent decades building.