Former New York Fed President Dudley: The Federal Reserve is under relentless attack; support for Powell to remain as a board member

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ME News, May 4 (UTC+8): Former New York Federal Reserve President Dudley said that after Powell stepped down as Fed Chair, his decision to continue serving as a Federal Reserve Board member will help reassure Wall Street and the public as President Trump presses for lower interest rates. “The Federal Reserve has been subject to relentless attacks from the President, and its independence has been questioned,” Dudley said. “Powell believes that continuing to stay at the Federal Reserve will actually strengthen external perceptions of the Fed’s independence. I think that if he’s willing, staying on is a wise move.” Powell’s term as a Federal Reserve Board member ends in 2028. After resigning as Chair on May 15, he chose to remain on the Board, which is uncommon in the Fed’s history. WASHINGTON nominee Waller put forward reasons supporting the rate-cut plan sought by the President. But traders are no longer betting on any rate cuts this year, and Dudley also said that the case for monetary easing is “weak.” (Source: Jin10)

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