Former Fed Vice Chair Sees No Risk to Fed Autonomy Under Trump

The Federal Reserve’s independence won’t be in jeopardy once President-elect Donald Trump takes office, neither are inflation and the labor market, according to former Federal Reserve Vice Chair Randal Quarles.

“There’s a fair bit of misunderstanding about what Fed independence is. Fed independence doesn’t mean that the president can’t express a view on Fed policy,” Quarles, a Trump appointee to the Fed who served as vice chair of supervision until 2021, told Bloomberg Television’s Stephen Engle on the sidelines of a forum on Monday.

“Structurally, the Fed can’t really be affected by the president’s bullying pulpit and the people ...