www.bloomberg.com
Former New York Fed President Bill Dudley reacts to the DOJ’s criminal subpoena of Fed Chair Jerome Powell. Dudley aligns with Powell’s public response, viewing the Trump administration’s pressure to lower rates as “counterproductive.” He argues that considering interest rates through a real estate developer’s lens is misguided; lower rates are not universally beneficial for American consumers. Dudley emphasizes that acquiescing to political pressure risks damaging the Federal Reserve’s long-term credibility and independence.
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