Goldman Sachs top economist says Powell probe won’t change the Fed: ‘Decisions are going to be made based on employment and inflation’

President Donald Trump has repeatedly slammed Federal Reserve chair Jerome Powell over his modest rate cuts, pushing for steeper cuts than some economists say is economically viable. Following the launch of a Department of Justice investigation into Powell, one top economist said the Fed’s mandate won’t change just because Powell is under even more scrutiny.

“It’s a little hard to know what exactly the motivations are behind this, but my expectation is that it’s not going to have an...