Former Vice Chairman of the Federal Reserve: Trump will not affect the Fed's mission and independence, and tariffs themselves should not lead to inflation

2025-01-13 12:50:40

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ChainCatcher news, former Federal Reserve Vice Chairman Randall Quarles stated that the independence of the Federal Reserve, inflation, and the labor market will not be threatened even if President Trump is inaugurated. Quarles mentioned during a forum on Monday, "There is quite a bit of misunderstanding about the independence of the Federal Reserve. The independence of the Federal Reserve does not mean that the president cannot express opinions on its policies."

Quarles, who was appointed to the Federal Reserve by Trump, served as Vice Chairman for Supervision until 2021.

Quarles stated that tariffs themselves should not lead to inflation, although marginally, tariffs could prompt the Federal Reserve to cut interest rates. He also mentioned that he expects a large number of illegal immigrants to be deported after Trump takes office, but this will not affect the labor market.

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