Jerome Powell

But this is deep in our DNA for a long, long time.

The Fed has felt it important to conduct our business that way.

I'm deeply committed to that approach, and so are all of my colleagues here.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.

It just wouldn't.

We wouldn't be the Fed.

But the good news is we are the Fed.

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.