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Fed’s Kapan States Fed Will Remain Independent

Dallas Federal Reserve President Robert Kaplan became the second central bank figure Thursday to state the central bank’s independence.

Kaplan said the Fed would make its decisions on interest rates regardless of pressure from the political end, in response to a question from CNBC’s Steve Liesman about recent statements from President Donald Trump.

The president has been critical of the Fed, saying he’s “not thrilled” it continues to raise interest rates.

“Our job at the Fed is to make decisions on monetary policy and supervision without regard to political considerations or political influence, and I’m confident we’ll continue to do that,” Kaplan said on “Closing Bell” after indicating he will not comment directly on Trump’s statements.”

Earlier in the day, Kansas City Fed President Esther George, while also declining to take on the president directly, also stressed the Fed’s independence and said it wouldn’t be swayed by any pressure from the White House.

Both officials spoke from the Fed’s annual retreat in Jackson Hole, Wyoming.

via CNBC

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