Interest Rates Going Higher; Fed Chairman Powell Still Confident in Health of Economy
(Xinhua News Agency / Contributor)
Federal Reserve Chairman Jerome Powell announced that the Federal Reserve would hike interest rates Wednesday, marking the fourth rate hike this year and drawing criticism from Wall Street investors who have suffered enormous losses in 2018's retraction in stocks.
President Trump had warned Powell earlier this week to keep rates at their current level, adding that the Fed should not "make yet another mistake"
Responding the criticism from the White House, Powell told reporters that "political considerations play no role whatsoever" in discussions or decisions about monetary policy. "We're always going to be focused on the mission that Congress has given us," said Powell. "We have the tools to carry it about, we have the independence that we think is essential to be able to do our jobs in a non-political way. We at the Fed are absolutely committed to that mission and nothing will deter us from doing what we think is the right thing to do."
Thursday morning, WIBC host Tony Katz commented on the Fed's decision and Chairman Powell's statements. Click the link below to hear what Tony had to say: