Watch Federal Reserve chairman Powell shut down Fox's question about election-driven “political motivations” for rate cut
Jerome Powell: “Nothing else is discussed. ... Our job is to support the economy on behalf of the American people.”
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From the September 18, 2024, Federal Open Market Committee press conference
EDWARD LAWRENCE (FOX BUSINESS CORRESPONDENT): How do you respond to the criticism that will likely come that a deeper rate cut now before the election has some political motivations?
JEROME POWELL (FEDERAL RESERVE CHAIRMAN): Yeah, so you know this is my fourth presidential election at the Fed. And, you know, it's always the same, we're always going into this meeting in particular and asking what's the right thing to do for the people we serve. And we do that, and we make a decision as a group, and then we announce it. And that's always what it is, it's never about anything else. Nothing else is discussed. And, I would also point out that the things that we do really affect economic conditions for the most part with a lag.
So, nonetheless this is what we do. Our job is to support the economy on behalf of the American people. If we get it right, this will benefit the American people significantly. So, this really concentrates the mind. And, you know, it's something we all take very, very seriously. We don't put up any other filters. I think if you start doing that, I don't know where you stop. And so we just don't do that.