Federal Reserve Independence is About 'Credibility,' Powell Says Powell continued to decline to answer questions about the specifics of his clash with the Trump administration. In recent months, those goals have both worsened and the Fed can only address one at a time with interest rate policy. A review by Wells Fargo economists showed that the replacements largely hold views on interest rates similar to those of their predecessors. At December’s meeting, a quarter of the Federal Reserve's policy committee voted against today's move to cut interest rates. There’s even an outside chance that he could remain the chair of the policy committee, some economists say.