Jerome Powell dismisses Trump’s criticism of ‘political’ Fed as ‘cheap shot’

Amid battle over independence, Fed chair pushes back against claim that central bank lets politics drive decisions

The US Federal Reserve chair, Jerome Powell, pushed back hard against claims the central bank allows politics to drive decisions, in the midst of an extraordinary battle over its independence.

Donald Trump, who is seeking to increase his administration's control over the Fed, has branded Powell a very political guy" after he declined to bow to the president's public demands for drastically lower interest rates.