Policymakers Defend Fed Independence Amid Concerns About Trump Era

Fed Chair Jerome Powell noted that inflation, as measured by the Fed's favored inflation gauge, is 'running much closer' to the bank's target (Credit: AFP)

Two senior Federal Reserve officials praised the US central bank's independence on Thursday, amid concerns that President-elect Donald Trump may seek to influence Fed policy.

The defense was led by Fed Chair Jerome Powell, who told a conference in Dallas, Texas, that rate decisions "cannot be reversed by any other part of the government, except, of course, Congress."