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Trump Nemesis Uses Award Speech to Twist the Knife

Powell warns the Fed faces a stress test amid ongoing political pressure from Trump.
Powell says monetary policy must be insulated from political pressure to protect credibility.
Trump pressed to remove Fed Governor Lisa Cook during the central bank feud.
Powell received the Kennedy Profile in Courage Award for independence.
Powell defended not raising rates quickly as a deliberate, data-driven choice.
White House spokesperson criticized the Fed’s renovation costs and policy decisions.
Powell stressed central bank independence protects the economy and public trust.
Powell warned against political attempts to bend the central bank to politicians’ whims.
The remarks followed Trump’s public criticisms of Powell during and after the pandemic period.

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