Austan Goolsbee, the President of the Chicago Federal Reserve, has expressed strong concerns about preserving the independence of the Federal Reserve in light of political pressures. He warned that any move to terminate current Fed chairman Jerome Powell by former President Trump would severely undermine the credibility of the central bank. Goolsbee emphasized that it is crucial for the Fed to maintain its autonomy from political influence, stating that questioning monetary independence could lead to detrimental consequences for the US economy. He reiterated the importance of the Fed’s role and urged that it must remain insulated from political agendas, especially considering ongoing discussions regarding rate cuts.