Powell says central banks cannot take independence for granted

Jerome Powell
Jerome Powell: historically, “a lack of independence has led to episodes of runaway inflation and subsequent recessions”

The diminished trust of citizens in institutions following the 2008 financial crisis is a major challenge for central banking independence, said Federal Reserve chair Jerome Powell on May 25.

Speaking in Stockholm at Sveriges Riksbank 350th anniversary conference, Powell said “central banks cannot take our measure of independence for granted” in this challenging environment. And, historically, “a lack of independence has led to episodes of runaway inflation and subsequent recessions”.

The Fed

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