Powell warns firing Fed officials over policy differences threatens independence

Jerome Powell, former Chairman of the U.S. Federal Reserve, has warned that the central bank's existence could be threatened if an administration were able to fire its officials over policy disagreements. According to The Wall Street Journal, Powell said at an event in Boston that if one administration finds a way to remove Fed officials based on policy differences, subsequent administrations would do the same. He added that the trust in the Fed, built over decades, is a precious asset that must be protected. The comments were his first public remarks since stepping down as Fed Chairman a week ago.