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Federal Reserve Chair Jerome Powell emphasized the need for central bank independence while the institution grapples with elevated inflation.
During a speech at Sweden’s Riksbank on Tuesday, the head of the U.S. central bank stated that resuscitating price stability requires employing difficult measures that may not be politically popular.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” he told a central bank forum in Stockholm. “The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors.”...