Jay Powell has said the Federal Reserve will not become a “climate policymaker”, as he mounted a full-throated defence of the US central bank’s independence from political influence.
In a speech delivered on Tuesday, the Fed chair said the central bank must steer clear of issues outside its congressionally mandated purview and instead maintain a narrow focus on keeping consumer prices stable, fostering a healthy labour market and ensuring the safety of the country’s banking system.
“It is essential that we stick to our statutory goals and authorities, and that we resist the temptation to broaden our scope to address other important social issues of the day,” he said at a conference hosted by Sweden’s central bank.
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