In a recent speech, Jerome Powell, the outgoing chair of the US Federal Reserve, defended the necessity of the central bank's independence in the face of political challenges, particularly from President Donald Trump. Accepting the John F Kennedy Profile In Courage Award, Powell warned that if any administration could dismiss Fed officials for policy disagreements, it would undermine public trust in the institution. He referenced Trump's attempts to remove Fed Governor Lisa Cook, which have raised alarms about political interference in monetary policy. Powell emphasized that the Fed's credibility, built over decades, is a vital asset that must be protected for future generations. Despite stepping down as chair, he has chosen to remain on the board until 2028, indicating his commitment to safeguarding the Fed's independence. The Supreme Court is expected to rule on the legality of Trump's efforts to dismiss Cook, further highlighting the ongoing tensions between the Fed and the current administration.