Fed’s Powell says Trump’s political attacks didn’t stop rate hikes

(CNN)Federal Reserve Chairman Jerome Powell said repeated political attacks by President Donald Trump had zero influence on the central bank’s decision to slow down interest rate hikes.

“Not at all. Not at all,” said Powell in an interview with the CBS news program “60 Minutes” on Sunday. “And it’s very important that the public understand that we are always going to make a decision based on what we think is right for the American people.”

Powell explained that the Fed’s decision in January to pause raising rates was because the global economy was showing signs of slowing and other risks to the US economy were rising.

The Fed chairman has repeatedly made the case for a patient, measured approach, describing the US economy in a “good place,” where policy makers “don’t feel any hurry to change our interest rate policy.”

So far this year, central bankers have kept the federal funds rate, which influences the cost of mortgages, credit cards and other borrowing, at a range of 2.25% to 2.5%.

“What we’ve done is we’ve said that we’re going to wait and see how those conditions evolve before we make any changes to our…

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