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EXCERPT:
Jerome Powell, the former chair of the Federal Reserve, has warned that a single act of political interference in monetary policy could permanently destroy public trust in the central bank.
As Donald Trump’s administration continues to test the Fed’s longstanding independence, Powell said in a speech on Sunday night that the institution was in the midst of a “stress test”.
Powell, who was accepting the 2026 John F Kennedy Profile in Courage award in Boston, stepped down as Fed chair last month, and was succeeded by Kevin Warsh, but remains on its board of governors.