US Stock Market: Powell defends Fed autonomy as political pressure reaches new highs

Outgoing U.S. Federal Reserve Chair Jerome Powell has mounted a strong defense of the central bank's independence, warning that political interference could undermine public confidence in monetary policymaking, according to a report by AFP.

While accepting an award from the John F. Kennedy Library Foundation on Sunday, Powell said the Federal Reserve, like many other institutions, has faced significant challenges in recent years. According to AFP, he argued that allowing administrations to remove Fed officials over policy disagreements would set a precedent that could erode the central bank's ability to make decisions in the broader public interest.