Jerome Powell warns against meddling at Fed, says democratic institutions can be 'torn down quickly'

Former Federal Reserve Chairman Jerome Powell took a parting shot at President Trump, warning that the central bank’s independence was a “priceless asset” that must be defended. In one of his first major appearances since ending his stint as chairman of the Federal Reserve, Mr. Powell accepted the John F. Kennedy Profile in Courage Award on Sunday night. He dedicated most of his acceptance speech to railing against political interference in democratic institutions. Although he never mentioned Mr. Trump by name, it was clear that he was referencing the president’s efforts to fire Governor Lisa Cook and pressure the Fed to slash interest rates. “Like many other institutions, the Fed has been undergoing a stress test,” Mr. Powell said.

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