PHOTO: REUTERSUS FEDERAL Reserve chairman Jerome Powell made a strident case for central bank independence on Wednesday (Jan 28), underscoring his point by indicating that interest rates will likely remain on hold until his term ends in May despite enormous pressure. The central bank kept its benchmark federal funds rate steady in a range of between 3.5 and 3.75 per cent, following three straight quarter-point rate cuts. “The point of independence is not to protect policymakers,” Powell said. “The one thing that really jumped out at me is how reassuring and steady Jay Powell is,” said Oliver Pursche, senior vice-president at financial advisory Wealthspire. The identity of the next chair, however, could decide whether Trump’s war on the Fed succeeds in the long run.