Jerome Powell says Fed independence isn’t lost … yet. ‘I certainly hope we won’t’ lose it

In a press conference Wednesday following the Federal Reserve’s decision to hold interest rates steady, Chair Jerome Powell made clear his stance on the Fed’s independence.  

“We haven’t lost it. I don’t believe we will. I certainly hope we won’t,” Powell said. 

The comment comes several weeks after he made public the Justice Department’s serving the Federal Reserve grand jury subpoenas targeting Powell over his June 2025 congressional testimony regarding the $2.5 billion renovation of the Fed’s headquarters.