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Powell: Fed's independence from politics is vital to its interest rate decisions

Chair Jerome Powell said Wednesday that the Federal Reserve's ability to set interest rates free of political interference is necessary for it to make decisions to serve “all Americans” rather than a political party or political outcome. Speaking at the New York Times’ DealBook summit, Powell addressed a question about President-elect Donald Trump's numerous public criticisms of the Fed and of Powell himself. During the election campaign, Trump had insisted that as president, he should have a “say” in the Fed's interest rate policies.

Fed Beige Book Shows Businesses Confident in Demand Prospects

(Bloomberg) -- Economic activity increased slightly in November after little change in preceding months, and US businesses grew more upbeat about demand prospects, the Federal Reserve said in its latest Beige Book survey.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic Jams“Though growth in economic activity was generally small, expectations for growth rose moderately across most geographies and sector