Jerome Powell

Come on, no, no, no, no.

No, a central bank that is excessively responsive to... You have to look at other countries, basically.

And what you see is there's no credibility.

Credibility on inflation and on sticking to your knitting is everything.

Because if people believe that you will accomplish your goals...

and that you won't deviate from them for reasons like that, then it'll be easier to do so.

Markets will react appropriately, and in people's thinking, inflation should be around 2%.

And if they think that way, then it probably will be around 2%.

So if you look at other, I think, more emerging countries where they have weaker independence or a lack of independence, it's hard to have price stability or maximum employment.

So that's what would happen if that were to happen.

But it's...

I'll insist upon saying that's not the world we live in.

The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions that

or whether instead monetary policy will be directed by political pressure or intimidation.

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.

That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy.

No one, certainly not the Chair of the Federal Reserve, is above the law.