Former Fed Chair Voices Concerns Over Presidential Influence

Janet Yellen, the former Chair of the Federal Reserve, issued a stark warning on Tuesday about the potential economic fallout from President Donald Trump's efforts to influence the central bank's interest rate decisions. Yellen emphasized the importance of the Fed's independence and expressed apprehension about the criteria Trump might use to select the next chair.

The Importance of Independence and Fact-Based Decisions

Yellen stressed that the ideal candidate to succeed Jerome Powell should prioritize data and economic trends over political appeasement, making decisions rooted in facts rather than presidential pressure. She highlighted the Fed's successful track record in managing inflation autonomously, noting that current inflation rates are nearing the bank's 2% target.