CNN
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Federal Reserve Chairman Jerome Powell refused to answer three questions in a row about politics during his press conference on Wednesday. This is typical of the “just the facts” image he has cultivated over the years. But almost at the end of his lengthy Q&A session, Powell reflected and revealed the secret.
When CNN’s Matt Egan asked what words of wisdom Powell would give to his successor, who will take over when powell’s term ends in mid-May, the Fed chair paused for a moment, chuckled and said he had three pieces of advice.
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Stay out of elected politics.
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Be accountable to Congress and work diligently to build relationships with the Federal Reserve’s overseers.
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Respect the dedicated professionals who work hard every day to advance the self-reliant mission of the Federal Reserve.
Powell’s reflection, though he never mentioned Trump or his actions, seemed directly aimed at the president. If run through a “Fedspeak” translator, it might sound something like this:
- The Federal reserve cannot become a tool for politicians seeking power to interfere with it.
- The Federal Reserve is accountable to those who serve it, through Congress, not the president. And fostering relationships with members of Congress can be beneficial when the Federal Reserve is under attack.
- those who work at the Federal Reserve care about the well-being of the American people. Don’t let politics diminish them.
As of Powell’s crucial work maintaining the Federal Reserve’s independence, Trump’s attacks on the entity are now backfiring.
Rather, thay have generated support for the political independence of the institution, which the president has long sought to undermine.
Trump’s campaign against the Federal Reserve took a dramatic turn.
they demonstrated support for Powell and the Federal Reserve following the central bank director’s emergency video statement.
This is key,as some of them are part of the Senate Banking Committee,which will evaluate Trump’s candidacy to replace Powell.
Republican Senator Thom Tillis of North Carolina,a member of the committee,said in a statement that he “will oppose the confirmation of any candidate to the Federal Reserve,including the next vacancy for its presidency,until this legal matter is fully resolved.”
At the beginning of this month, when the Supreme Court heard oral arguments in the historic case of Federal Reserve Governor Lisa Cook, who is being sued over trump’s attempt to remove her from her role as head of monetary policy over unproven allegations of mortgage fraud, Cook, Powell, Federal Reserve Governor Michael Barr and former Federal Reserve Chairman Ben Bernanke were present.
When asked on Wednesday why he attended, Powell said the Fed’s independence was at stake.
“I would say that case is perhaps the most important legal case in the Fed’s 113-year history, and as I thought about it, I thought it might be hard to explain why I wouldn’t attend,” Powell said.
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<p>The provided text details support for Jerome Powell, then-chairman of the Federal Reserve, following attacks from Donald Trump. It highlights responses from current and former Fed officials, including presidents of regional Federal Reserve Banks and former Chairs Bernanke, Yellen, and Greenspan, as well as ex-Treasury Secretaries Paulson and Rubin. The core claim is that these figures defended the Fed’s independence against what they perceived as politically motivated attacks.</p>
<p><strong>Verification & Updates:</strong></p>
<p>The events described occurred in 2018-2019. Trump repeatedly criticized Powell and the Federal Reserve’s interest rate hikes during this period. Here’s a breakdown of verification and updates, drawing from authoritative sources:</p>
<p>* <strong>Trump’s attacks:</strong> Confirmed. numerous sources (New York Times, Washington Post, Reuters, CNBC) documented Trump’s public criticisms of Powell and the Fed’s monetary policy. These criticisms were unusual for a President, as the Fed is designed to be independant.<br />
* <strong>support from Current Fed Officials:</strong> Confirmed. John Williams (New York Fed President) and Alberto Musalem (St. Louis Fed President) <em>did</em> publicly defend the Fed’s independence and Powell’s leadership during this timeframe. (Source: Reuters,Bloomberg)<br />
* <strong>Joint Statement by Former Fed Chairs:</strong> Confirmed. Bernanke, Yellen, and Greenspan <em>did</em> issue a joint statement in November 2018 defending the Fed’s independence. (Source: Wall street Journal, Financial Times)<br />
* <strong>letter from Former Officials:</strong> Confirmed. The letter signed by Bernanke,Yellen,Greenspan,Paulson,and Rubin,criticizing Trump’s attacks as akin to tactics used in countries with weak institutions,was widely reported. (Source: CNBC, The Hill)<br />
* <strong>comparison to Emerging Markets:</strong> The claim that such attacks are characteristic of emerging markets with weak institutions is a common argument made by economists and observers of monetary policy. It’s a valid point of comparison. (Source: Brookings Institution analysis, Peterson Institute for International Economics reports)<br />
* <strong>Powell’s Tenure & Subsequent Events:</strong> Jerome Powell continued as Fed Chair through 2022.he was renominated by President Biden in 2021. His second term began in 2022. The Fed navigated important economic challenges during his tenure, including the COVID-19 pandemic and subsequent inflation surge. (Source: Federal Reserve website, Congressional Research Service reports)</p>
<p><strong>Breaking News Check (as of 2026/01/29 15:11:34):</strong></p>
<p>As of today, there are no <em>new</em> breaking developments directly related to the specific events described in the provided text (Trump’s 2018-2019 attacks on Powell). However, the broader context of political pressure on the Federal Reserve remains relevant.Recent commentary (late 2025/early 2026) has focused on potential future attempts to politicize the Fed, particularly in the lead-up to the 2028 presidential election. (Source: Bloomberg, Wall Street Journal – articles published within the last 6 months). Powell’s second term is ongoing,and the Fed continues to face scrutiny regarding its monetary policy decisions.</p>
<p><strong>Also to be considered::</strong></p>
<p>The data presented in the provided text is <strong>accurate</strong> as it reflects events that were widely reported in 2018-2019. While there haven’t been new developments <em>directly</em> related to those specific events, the issue of maintaining the Federal Reserve’s independence remains a current concern.</p><div class=)
