Fed Chair Powell: "Every administration wants to use the Fed for other purposes, but we continue to resist"

Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), stated, "Every administration has wanted to use the Fed's policy tools for other purposes, but we have continuously refused to do so." He added, "We do not want to use policy tools to achieve goals outside the scope of our authority," and "The Fed's independence is at risk. We had no choice but to appeal to the courts to secure our ability to conduct monetary policy without political considerations."