Federal Reserve Bank of New York President John Williams on Wednesday confirmed the importance of Central Bank independence and the permanent role of the US dollar, while President Trump declined to comment on the recent criticisms of Fed.
Speaking to reporters, Williams questioned questions about the report of President Trump, which was considering firing Fed Chair Jerome Powell. “I can’t comment” on what the President has said or how the markets have responded, Williams said that the Fed remains on his mission regardless of political comments.
The New York Fed chief reiterated that an independent central bank produces better economic results:
- Fed officers and employees take care of a laser on our mission
Williams also addressed recent concerns about the dollar, stating that its position remains as the world’s primary reserve currency despite recent ups and downs.
- He said, “There are many fundamental factors that support the dollar role in global trade and global financial markets, and that I now look unchanged,” he said.
On the policy front, Williams stated that the Fed still needs to see more economic data before determining its next step, which strengthens the patient, data-dependent approach of the central bank amidst ongoing uncertainty.
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Earlier from Williams:
later this year,
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