Jerome Powell: Monetary Politics
on Saturday, December 22, 2018Jerome Powell Money Quote as Federal Reserve Chairman on December 19, 2018 after Donald Trump complains about the latest fractional percentage rate hike – then speaks with White House staff about firing him. Jerome Powell said:
“Political considerations play no role whatsoever in our discussions or decisions about monetary policy” — Jerome Powell
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In this quote, Jerome Powell, who serves as Chair of the Federal Reserve, seems to be strongly asserting the independence and impartiality of the country’s central banking system. Some key points:
- Powell directly states that “political considerations” or influences from elected officials/government play absolutely no part in the Federal Reserve’s monetary policy discussions or decisions.
- He is emphasizing that the Fed makes determinations about interest rates, money supply, bank regulation etc. objectively using economic data and analyses, not political motivations.
- Powell appears to want to assure the public that the Fed remains an autonomous, non-partisan institution focused solely on its Congressional mandate of maximum employment and price stability through independent, expert-driven decision making.
Overall, the quote conveys Powell’s aim to reaffirm the Federal Reserve’s operational separation from partisan politics and commitment to basing powerful monetary actions strictly on economic conditions, not political pressures or agendas. He wants the Fed to be seen as a neutral policymaker.