Federal Reserve chair Jerome Powell used a gathering of finance chiefs from around the world to stress that central banks must be shielded from politics to ensure they can focus on keeping inflation stable and employment high, according to people who listened to his remarks.
Powell delivered an impassioned defence of central bank independence when he addressed policymakers and finance ministers during a meeting on Friday at the International Monetary Fund, said the people, who asked not to be identified discussing the content of a private session. His remarks triggered rounds of applause from the audience and were followed by equally impassioned remarks from his peers.
