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business1d ago
Jerome Powell uses JFK award speech to warn against political pressure on Fed, courts and schools
- Powell used the Kennedy Library stage to defend the independence of the Fed and other institutions from political pressure.
- Powell warned that politicizing bank decisions could undermine the Fed’s credibility and future policy.
- Powell emphasized the Fed’s goal of stable prices amid past inflation pressures during the pandemic.
- Powell acknowledged human imperfections but said mistakes are acknowledged and corrected.
- The award recognized Powell for protecting the Fed’s independence despite personal attacks from the highest levels of government.
- Powell stepped down as chair but remained on the Fed’s board through January 2028.
- Other Kennedy Library remarks highlighted courage by Minnesota residents involved in immigration enforcement actions.
- Caroline Kennedy and her son Jack Schlossberg commented on democracy needing people who stand up to uphold promises.
- U.S. Senator Amy Klobuchar attended the event and noted the award recognized ordinary people, not elected leaders.
- The Kennedy Foundation highlighted courage despite risks to democratic principles.
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