All eyes on Fed chairman as recession fears ramp up
By Sylvan Lane
Federal Reserve Chairman Jerome Powell faces a political and economic gantlet as the central bank fights to protect its independence and the U.S. economy amid escalating attacks from President Trump. Washington and Wall Street will be parsing Powell’s words Friday morning as he speaks for the first time since a recent series of economic red flags spurred fears of an impending recession. …“The president can attack the Fed six times a day and the Fed cannot breathe a word that seems to politicize it by countering the president. This is a really difficult challenge,” said Karen Shaw Petrou, managing partner at Federal Financial Analytics.“It is going to take an unusually forceful stand by the chairman focused more on institutional protection than on the specifics of monetary policy, a really clear explanation of why the Fed is doing what it’s done.”