Federal Reserve Bank of New York President John Williams on Wednesday reaffirmed the importance of central bank independence and the enduring role of the U.S. dollar, while declining to comment on President Trump’s recent criticisms of the Fed.
Speaking to reporters, Williams sidestepped questions about reports suggesting President Trump was considering firing Fed Chair Jerome Powell. “I can’t comment” on what the president has said or how markets have responded, Williams said, adding that the Fed remains focused on its mission regardless of political commentary.
The New York Fed chief reiterated that an independent central bank produces better economic outcomes:
- Fed officials and staff maintain a laser-like focus on our mission
Williams also addressed recent concerns about the dollar, saying its status as the world’s primary reserve currency remains intact despite recent fluctuations.
- “There are a lot of fundamental factors that support the role of the dollar in global trade and in global financial markets, and that I see as unchanged now,” he said.
On the policy front, Williams said the Fed still needs to see more economic data before determining its next move, reinforcing the central bank’s patient, data-dependent approach amid ongoing uncertainty.
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Earlier from Williams:
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