WASHINGTON: US Federal Reserve Chair Jerome Powell has generally avoided escalation in the face of Donald Trump’s relentless criticism — but in recent months, the central banker has become a rare figure to publicly resist his attacks.
The change of tack was especially pronounced on Sunday night, when Powell accused the Trump administration of threatening him with prosecution to push the Fed into cutting interest rates. He warned that a new Department of Justice investigation targeting him was a threat to the central bank’s independence.
“What made the statement so powerful is how rare it is,” Jason Furman, a top economic adviser to former US president Barack Obama, told AFP.