Legal protections insulating monetary policy from politics “have served the public well” across administrations of both parties, Powell argued in his acceptance speech. “If any administration finds a way to remove Fed officials over policy differences,” he added, “then future administrations will do so as well”.

He spoke as the supreme court weighs a highly anticipated decision on the fate of the Fed governor Lisa Cook, whom Trump attempted to fire last August. Powell did not mention Trump, or Cook, by name.

“The public would lose faith that the central bank will make decisions based only on what’s best for all Americans,” Powell said. “The Fed’s credibility would be lost.”