Powell praised former Federal Reserve Chairman Volcker for his "courage to resist" political pressure

According to foreign media reports, Federal Reserve Chairman Powell on Saturday praised former Federal Reserve Chairman Paul Volcker for "daring to resist" political pressure while fighting inflation in the 1980s. The remarks are significant because Powell is also fighting to defend the independence of the Federal Reserve even as the Trump administration attempts to force him to lower interest rates. Powell said in a recorded video accepting the Paul A. Volcker Award for Public Integrity: "His behavior taught us that independence and integrity are inseparable-we need independence to do the right thing, and we also need integrity to use that independence wisely."