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Powell Defends Fed's Independence as Trump Escalates Criticism

In a Princeton speech, Federal Reserve Chair Jerome Powell emphasized the importance of integrity in public service while addressing the Fed's pandemic response and ongoing tariff-related challenges.

WASHINGTON, DC - MAY 15: Federal Reserve Chair Jerome Powell speaks at the Thomas Laubach Research Conference held by the Federal Reserve Board of Governors on May 15, 2025 in Washington, DC. Powell has been getting criticized by U.S. President Donald Trump after the Federal Reserve released a statement last week holding interest rates steady at 4.25%-4.5%. (Photo by Andrew Harnik/Getty Images)
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Overview

  • Federal Reserve Chair Jerome Powell highlighted the value of integrity and public service during a speech at Princeton University, reflecting on his tenure and challenges faced by the Fed.
  • Powell defended the Fed's pandemic-era decisions, including cutting interest rates to near zero and launching asset-purchase programs to avert a global depression.
  • President Donald Trump has intensified attacks on Powell, criticizing the Fed for maintaining interest rates and accusing Powell of political bias and inaction on inflation.
  • The Federal Reserve has kept its benchmark lending rate unchanged at 4.25% to 4.5% this year, citing economic uncertainty stemming from Trump's tariff policies.
  • Powell praised career civil servants and universities, calling them vital national assets, as the Trump administration continues cutting funding to Ivy League institutions like Princeton.