Former New York Fed President Dudley: The Fed is under relentless attack; supports Powell remaining on the board.

CoinFeed reported on May 4th that, according to Jinshi News, former New York Fed President Dudley stated that Powell's decision to remain on the Fed Board of Governors after stepping down as chairman will help reassure Wall Street and the public amid pressure from President Trump to lower interest rates. "The Fed has been relentlessly attacked by the president, and its independence has been questioned," Dudley said. "Powell believes that his continued presence at the Fed will actually enhance the perception of the Fed's independence. I think it's a wise move for him to stay if he wants." Powell's term on the Fed Board of Governors runs until 2028, and his decision to remain on the board after stepping down as chairman on May 15th is unusual in Fed history. Trump's nominee, Warsh, has offered reasons to support the president's sought-after rate cuts. However, traders are no longer betting on any rate cuts this year, and Dudley also stated that the case for monetary easing is "weak."