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Fed President Defends Independence Amid Trump Pressure

1/14/2026

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Summary

Story summary

Neel Kashkari, president of the Minneapolis Federal Reserve, said U.S. President Donald Trump’s pressure on the Fed relates to monetary policy.
He defended Fed Chair Jerome Powell amid a Justice Department investigation involving subpoenas tied to a building renovation.
Kashkari emphasized the importance of Fed independence for the economy.
The Fed is expected to hold rates at 3.50%-3.75%, with possible cuts later this year if conditions worsen.

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Story summary

Neel Kashkari, president of the Minneapolis Federal Reserve, said U.S. President Donald Trump’s pressure on the Fed relates to monetary policy.
He defended Fed Chair Jerome Powell amid a Justice Department investigation involving subpoenas tied to a building renovation.
Kashkari emphasized the importance of Fed independence for the economy.
The Fed is expected to hold rates at 3.50%-3.75%, with possible cuts later this year if conditions worsen.