Story perspectives

Chicago Fed President Warns Against Political Interference

4/21/2025

42 8

Summary

Story summary

Austan Goolsbee, President of the Chicago Fed, stressed the need for Fed independence amid President Trump's critiques of Jerome Powell.
He cautioned that political interference could result in higher inflation, slower growth, and rising unemployment.
Trump hinted at the possibility of removing Powell, but legal experts assert he lacks the authority to do so over policy differences.
Goolsbee noted that nations without Fed independence often face elevated inflation and weaker economic performance.

1 of 1

Story summary

Austan Goolsbee, President of the Chicago Fed, stressed the need for Fed independence amid President Trump's critiques of Jerome Powell.
He cautioned that political interference could result in higher inflation, slower growth, and rising unemployment.
Trump hinted at the possibility of removing Powell, but legal experts assert he lacks the authority to do so over policy differences.
Goolsbee noted that nations without Fed independence often face elevated inflation and weaker economic performance.