Powell demands respect for the independence of the Federal Reserve in the middle of an election year. Democrats want Powell to lower rates as soon as possible, although the president, Joe Biden, has been exquisitely respectful of his independence.

Donald Trump has accused Powell without any basis of seeking Biden's re-election. “I think he is going to do something to probably help the Democrats, if he lowers interest rates,” Trump said in February, who has warned that, If he returns to the White House, his mandate will not be renewed.