Dudley Backs Powell Staying On After ‘Merciless’ Attacks on Fed

Jerome Powell’s decision to stay on as a Federal Reserve governor after his term as chair will help reassure Wall Street and the public after President Donald Trump’s pressure campaign to lower rates, according to Bill Dudley.

The Fed has been under “merciless attack from the president, and the Fed’s independence is under question,” Dudley, a former president of the New York Fed and a Bloomberg Opinion columnist, said Monday on Bloomberg Surveillance. “Powell thinks that by staying on at the Fed, that’s going to actually bolster the Fed’s, the perception of the Fed’s independence. I ...