Powell hears bipartisan Senate support for Fed independence

WASHINGTON (AP) – Republican and Democratic senators voiced strong support for an independent Federal Reserve during a hearing with Fed Chair Jerome Powell, one day after President Donald Trump launched another attack directed at Powell on Twitter. The support from members of the Senate Banking Committee suggests Trump’s attacks on Powell and the Fed has found little traction among members of his own party on Capitol Hill. Trump has called Fed officials “boneheads” and argued that the central bank should cut interest rates further. It is the second day of Powell’s semiannual appearances before Congress.