Powell: "Every advanced economy, democracy" has an independent central bank. 🏦

• Powell highlighted that central bank independence is a common and beneficial practice across advanced economies and democracies.
• He clarified that independence is intended to serve the public by preventing monetary policy from being used for political gain.
• Powell expressed confidence in the Federal Reserve's ability to maintain its independence, noting that losing it would severely damage the institution's credibility.

Jerome Powell, Federal Reserve Chair, emphasized the critical importance of central bank independence for every advanced economy and democracy. He stated that this institutional arrangement serves the public interest by ensuring monetary policy decisions are made for the broad public good, free from political influence during election cycles.