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if it is insulated from short term political pressures what is often referred to as our independence federal reserve chairman Jerome how old minced no words Tuesday as he appeared to address a barrage of criticism from the White House had on Congress chose to insulate the fed this way because it had seen the damage that often arises when policy bands to short term political interests Powell appearing before the council on foreign relations spoke out after president trump once again took aim at the fed the latest in a series of tweets Monday declaring the fed quote doesn't know what it is doing and that was less than twenty four hours after saying in a televised interview that he has the power to demote Powell but hasn't considered it yet despite trump's seemingly nonstop criticism of Powell but not lowering rates the fed chief Tuesday laid out the case as to why the fed is only considering a possible rate cut and is it all the way there yet what's happened is things have changed since may one significantly the global risk picture has changed really just in the last six to eight weeks and it's around trade developments and concerns about global growth so again our focus is looking forward through the windshield at at what the right setting is for monetary policy going forward to achieve our goals but that doesn't mean the fed is hell bent on cutting interest rates in July as financial markets seem to think short Powell pointed to weak global factory activity and muted inflation around the world as reasons to be concerned but he also pointed to a strong consumer and a plentiful job market as reasons the fed will think hard before cutting rates no matter what kind of pressure comes from sixteen hundred Pennsylvania Avenue