Construction continues on the Marriner S. Eccles Federal Reserve Board Building, the main offices of the Board of Governors of the Federal Reserve System on September 16, 2025 in Washington, DC. The remarks came days after the Fed cut interest rates for the first time this year in an effort to boost hiring. Last week, Powell said the Fed remains “strongly committed to maintaining our independence.”Stephen Miran, a top White House economic advisor who joined the Fed board last week, cast the lone dissenting vote. If the Fed raises interest rates as a means of protecting against tariff-induced inflation, it risks tipping the economy into a downturn. On the other hand, if the Fed lowers rates to stimulate the economy in the face of a hiring slowdown, it threatens to boost spending and worsen inflation.