Federal Reserve Chairman Powell praised former Chairman Volcker's "resistance"

Federal Reserve Chairman Powell praised former Federal Reserve Chairman Paul Volcker's "resistance" to inflation in the 1980s, especially as the Trump administration tries to pressure him to lower interest rates, Powell is also working to defend the Fed's independence. Volcker ignored critics and raised interest rates significantly in the early 1980s, triggering an economic recession but also helping the U.S. economy recover price stability. Powell said in a recorded video accepting the Paul Volcker Public Integrity Award, "His actions remind us that independence and integrity are inseparable. We need independence to do the right thing, and we need integrity to use that independence wisely." Over the past year, Powell has been engaged in his own political battles over the Fed's independence, with Trump frequently criticizing him for not easing policies and threatening to try to remove him from office.