Ex-Federal Reserve chair Jerome Powell sounds alarm over political interference

Powell says central bank has been facing ‘stress test’ under Trump, as supreme court weighs decision on Fed governor that president tried to fire

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Jerome Powell, the former chair of the Federal Reserve, has warned that a single act of political interference in monetary policy could permanently destroy public trust in the central bank.

As Donald Trump’s administration continues to test the Fed’s longstanding independence, Powell said in a speech on Sunday night that the institution was in the midst of a “stress test”.