Goolsbee on Powell: I Hope That We Do Not Move into an Environment Where Monetary Independence Is Questioned

JIANG I do want ░░░░░░░░ go back to Jay ░░░░░░░░ s remarks about the ░░░░░░░░ of tariffs or potential ░░░░░░░░ because they prompted President ░░░░░░░░ to lash out by ░░░░░░░░ Powell s termination cannot ░░░░░░░░ fast enough Here s ░░░░░░░░ the president said when ░░░░░░░░ pressed if he has ░░░░░░░░ power to remove Powell ░░░░░░░░ starts Trump I m ░░░░░░░░ happy with him I ░░░░░░░░ him know it And ░░░░░░░░ if I want him ░░░░░░░░ he ll be out ░░░░░░░░ there real fast believe ░░░░░░░░ Clip ends JIANG Now ░░░░░░░░ I know the Fed ░░░░░░░░ not Wade into politics ░░░░░░░░ I m not going ░░░░░░░░ ask you to do ░░░░░░░░ but I wonder if ░░░░░░░░ like this undermine or ░░░░░░░░ your job as an ░░░░░░░░ institution GOOLSBEE Look I ░░░░░░░░ glad you didn t ░░░░░░░░ me for legal advice ░░░░░░░░ I have an econ ░░░░░░░░ D Don t ever ░░░░░░░░ legal advice from somebody ░░░░░░░░ me I would say ░░░░░░░░ independence before I was ░░░░░░░░ at the Fed I ░░░░░░░░ a research economist at ░░░░░░░░ University of Chicago There ░░░░░░░░ virtual unanimity among economists ░░░░░░░░ monetary independence from political ░░░░░░░░ that the Fed or ░░░░░░░░ Central Bank be able ░░░░░░░░ do the job that ░░░░░░░░ needs to do is ░░░░░░░░ important And they came ░░░░░░░░ that not as a ░░░░░░░░ but just by looking ░░░░░░░░ the world at places ░░░░░░░░ they don t have ░░░░░░░░ independence And the fact ░░░░░░░░ the inflation rate is ░░░░░░░░ growth is slower the ░░░░░░░░ market is worse So ░░░░░░░░ really I strongly hope ░░░░░░░░ we do not move ░░░░░░░░ into an environment where ░░░░░░░░ independence is questioned because ░░░░░░░░ that would undermine the ░░░░░░░░ of the Fed.”