Trump says he's not concerned about the Fed losing its autonomy.

• On Wednesday, Fed Chair Jerome Powell stated that he is not concerned about President-elect Donald Trump politicizing the central bank after he assumes office in January.
• During an appearance in New York, he stated that the central bank, created by congressional legislation, has safeguards to protect it from political influences.

Jerome Powell, the Federal Reserve Chair, stated on Wednesday that he is not concerned about President-elect Donald Trump politicizing the central bank after he is inaugurated in January.

Over the past few months, there have been discussions about the independence of the Federal Reserve, with speculation that Trump may attempt to influence monetary policy through legislation or by appointing a "shadow chair" who could challenge Powell's authority.

The legislation that established the Fed includes safeguards to protect it from political interference, according to Powell.

During an interview at the DealBook Summit, he explained to CNBC's Andrew Ross Sorkin that independent means we have the ability to make our own decisions without them being overturned.

""We must prioritize the well-being of all Americans and make decisions that benefit everyone, regardless of political affiliation or outcome," he emphasized."

In his first term, Trump criticized the Fed and Powell, whom he appointed, sharply. Before the 2020 election, Trump supported giving the president more influence over the central bank's decisions on interest rates.

Despite many presidents attempting to impact the Fed, Trump was the most vocal about it. Nonetheless, Powell stated that there is substantial Congressional support to maintain the Fed's decision-making separate from the political chaos in Washington.

""The broad support for those ideas in Congress among both political parties on both sides of the Hill is what truly matters, as it is the law of the land and I am not concerned about losing our statutory independence," he stated."

Powell did not reveal any clues about his stance on the near-term path for interest rates, but he emphasized that the Fed has the flexibility to proceed with caution. He reiterated that the U.S. economy is performing well compared to other large economies globally.

In two weeks, the Federal Open Market Committee will decide on its next interest rate, with markets predicting a 75% chance of a 0.25% reduction.