Did not maintain rates in response to Trump


Jerome Powell, Chairman of the Federal Reserve, speaking at the New York Economic Club on Nov. 28th, 2018. 

Adam Jeffery | CNBC

Jerome Powell, Chairman of the Federal Reserve, speaking at the New York Economic Club on Nov. 28th, 2018. 

Federal Reserve Chairman Jerome Powell said the central bank did not take “political considerations” into account when deciding on Wednesday to take a much more patient tact with interest rates. President Donald Trump has repeatedly attacked the Fed for raising rates.

Stocks surged after the Fed decided to hold interests rates in a range between 2.25 percent and 2.5 percent and said in a statement it will be more “patient” in assessing future rate hikes. The bank also put out a separate statement to ease concerns about its balance sheet unwind, something which Trump has specifically attacked.

“What we care about, and really the only thing we care about at the Fed, is doing our job for the American people and using our tools,” Powell said at a press conference.

“We’re always going to do what we think is the right thing, we’re never going to take political considerations into account or discuss them as part of our work. We’re human, we make mistakes, but we’re not going to make mistakes of character or integrity. I wouldn’t want the public to know that and I wouldn’t want them to see that in our actions,” Powell added.

Powell statements followed the January meeting of the Federal Open Market Committee.

This story is developing. Please check back for updates.

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