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U.S. President Joe Biden stated on Tuesday he has actually not spoken to Federal Reserve Chair Jerome Powell, keeping in mind the reserve bank is an independent agency.GET FOX BUSINESS ON THE GO BY CLICKING HERE” I think the Federal Reserve is an independent operation and beginning my presidency I want to be genuine clear that Im not going to do the examples that have been done in the last administration,” Biden told reporters.Biden still has considerable space to make his mark on the Fed. Powells term is up next February, when Biden can choose to extend his appointment, and there is an empty seat on the Feds Board of Governors.Biden currently withdrew former President Donald Trumps nomination of Judy Shelton to fill that seat.JANET YELLEN, FEDS JEROME POWELL TESTIFY ON COVID-19 RELIEF, ECONOMYThe Fed was developed to keep a degree of independence in setting rates of interest and other crucial policies from politicians.Trump clashed openly with Powell, whom he appointed, threatening to fire him several times for not keeping rates low enough. The Fed eventually reduced rates near zero percent, where it has actually kept them as the economy weathered the COVID-19 pandemic.CLICK HERE TO READ MORE ON FOX BUSINESSBiden has actually carefully coordinated economic policy with Treasury Secretary Janet Yellen, herself a previous Fed chair and associate of Powells. When asked about Powell, Biden mentioned that he speaks regularly with Yellen.( Reporting By Trevor Hunnicutt and Jarrett Renshaw; Editing by Leslie Adler).

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