Vosh: Monetary policy will be independent of political factors

Deep Tide TechFlow News. On April 21, the Federal Reserve chair nominee Wosh stated at his appointment hearing before the Senate that he would independently make monetary policy decisions and would not be affected by any advice or pressure from Trump. He emphasized that successfully maintaining low inflation is like “protective armor,” which can shield the Federal Reserve from criticism. Wosh said that to maintain this independence, “to a large extent it depends on the Federal Reserve”—meaning it must successfully achieve its objectives and cannot go beyond the scope of authority granted by Congress. Wosh said: “I believe that even if government officials—presidents, senators, or members of the House—express their own views on interest rates, the independence of monetary policy implementation will not be particularly threatened. The mission Congress has given to the Federal Reserve is to ensure price stability, with no excuses, no ambiguity, no debate, and no suffering. Inflation is a choice, and the Federal Reserve must be accountable for it. Low inflation is the Federal Reserve’s shield.” (Gold Ten)