Top Federal Reserve official defends central bank’s independence in wake of Trump win

AP Economics Writer

WASHINGTON (AP) — A Federal Reserve official has given a lengthy defense of the central bank’s political independence. It comes just days after former President Donald Trump, previously an outspoken Fed critic, won re-election. Andriana Kugler, a member of the Fed’s board, says economic research shows that an independent central bank typically does a better job keeping inflation low. Kugler spoke just a week after Fed Chair Jerome Powell tersely denied that Trump had the legal authority to fire him, as the president-elect has acknowledged he considered doing during his first term. Powell also said he wouldn’t resign if Trump asked.