Fed's Schmid says central bank independence 'important'

Kansas City Fed President Jeff Schmid expressed strong support for Fed Chair Jerome Powell, emphasizing the importance of central bank independence in managing the economy. His comments followed Powell's disclosure of a threatened indictment from the Trump administration, which Schmid viewed as an attempt to pressure the Fed to lower interest rates. He stated, "I believe in my DNA that an independent central bank is very important to the nature of managing this amazing economy."