Jerome Powell

But the question about looking through energy really is not in front of us right now.

It hasn't even peaked yet.

And I think we'd want to see the backside of that and progress on tariffs before we even thought about reducing rates.

Sure.

So, you know, my concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors.

And I want to note here, this has nothing whatever to do with verbal criticism by elected officials.

I've never suggested that such verbal criticism is a problem and neither has anyone else here.

But these legal actions by the administration are unprecedented in our 113-year history, and there are ongoing threats of additional such actions.

I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors.

It is so important for our economy, for the people that we serve, that they can depend over time on a central bank that operates that way, free of political influence.

It's part of the absolute foundation of this amazing economy that we have.

It's just one of the many reasons why the US economy is the envy of the world.

That piece of an institutional architecture separates successful countries from unsuccessful countries,

It is extremely important, not for the people who work at the Fed at any given time, but for the people that we serve, that the Fed remain able to conduct monetary policy in a way that doesn't get pulled into politics, trying to help or hurt any particular politician or political party.

It's critical for the people that we serve.

In terms of when I would leave, I will leave when I think it's appropriate to do so.

Was that all your questions?

Inflation has moved up recently and is elevated relative to our 2% longer run goal.

Estimates based on the Consumer Price Index and other data indicate that total PCE prices rose 3.5% over the 12 months ending in March, boosted by the significant rise in global oil prices that has resulted from the conflict in the Middle East.

Excluding the volatile food and energy categories, core PCE prices rose 3.2% over the 12 months ending in March.