Fed Chair Powell: Independent Fed has served the public well and should remain as long as it does

Fed Independence - The Fed's independence is an institutional arrangement that has served the public well and should be respected as long as it continues to do so [2] - An independent central bank allows for challenging decisions based on data, evolving outlook, and the balance of risks, rather than political factors [2] - Governments in advanced economies have chosen to distance monetary policy decisions from direct political control [3] - Without independence, there would be a temptation to use interest rates to affect elections [3] - The importance of Fed independence is widely understood, particularly in Congress [4]