Powell pledges to keep the Fed above politics in 2024. It's never that simple.
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Federal Reserve Chair Jerome Powell pledges to keep the Fed independent of politics in 2024, but history suggests it's never that straightforward. Powell's predecessors had to navigate monetary policy decisions amid rising political pressure. The 'Great Inflation' era in the 1970s and early 80s saw political forces delaying and undermining anti-inflation policies. However, the political acceptance of harsh measures during the 1980 election allowed Paul Volcker to successfully fight inflation. Other examples include Alan Greenspan's relationship with the Bush family and Ben Bernanke's PR offensive in 2008. Powell, a Republican, cites his bipartisan record as evidence of his ability to navigate politics. However, former President Donald Trump has criticized Powell and suggested he will do something to help the Democrats. Powell emphasizes the Fed's non-political nature and integrity.
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