FRB chairman denies political influence on monetary policy “making decisions based on data”
8/1/2024 8:08 AM GMT+9 (some excerpts)
Chairman Powell of the US Federal Reserve (FRB) made it clear on the 31st that there will be no political considerations for immediate discussions or long-term predictions surrounding monetary policy.
At the press conference after the Federal Open Market Committee (FOMC), it was stated that “we will not change the FRB's approach to respond to other factors such as the political schedule,” and “we will never use our means to support or oppose political parties, politicians, or political results.”
The FRB left the federal fund (FF) interest rate guidance target unchanged at 5.25-5.50% at the FOMC, which was open until the 31st, but Chairman Powell stated at the press conference that there is a possibility that interest rate cuts will be discussed as early as September's FOMC.
At the press conference after the Federal Open Market Committee (FOMC), it was stated that “we will not change the FRB's approach to respond to other factors such as the political schedule,” and “we will never use our means to support or oppose political parties, politicians, or political results.”
The FRB left the federal fund (FF) interest rate guidance target unchanged at 5.25-5.50% at the FOMC, which was open until the 31st, but Chairman Powell stated at the press conference that there is a possibility that interest rate cuts will be discussed as early as September's FOMC.
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