Federal Reserve Chairman Jerome Powell dismissed President Trump’s criticism of his conduct of monetary policy Wednesday, saying that the central bank is doing well despite the stream of attacks from the White House.
“We’re just trying to do our jobs,” Powell said when asked about the criticism in a public interview at the Federal Reserve Bank of Dallas. “And you know, we’re doing fine.”
[Read more: Fed Chairman Powell takes partial credit for the strength of the economy]
Powell defended the independence of the Fed but said it hasn’t been affected by the negative commentary directed at it.
“We have the tools to do it and we have the protections to allow us” to do it, he said of conducting monetary policy.
“We don’t try to control things we don’t control, we try to control the controllable,” he said.
Trump, who was not mentioned by name in the exchange Wednesday, has directly criticized Powell at several points in recent months, saying that he is “very unhappy” with him and accusing the Fed of undercutting his agenda by raising interest rates several time this year. Recent past presidents have observed a protocol of not commenting on monetary policy.
Some senators and Fed watchers have warned that Trump’s attacks on the Fed could undermine its independence and its ability to ensure stable prices.
