WASHINGTON: Outgoing US Federal Reserve chair Jerome Powell on Sunday (May 31) delivered a staunch defence of the need for the central bank to maintain independence and credibility, as it comes under assault from President Donald Trump. “Like many other institutions, the Fed has been undergoing a stress test,” he said as he accepted an award from the John F Kennedy Library Foundation. “If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” Powell said, in a barely veiled reference to the Trump administration’s attempt to fire Fed Governor Lisa Cook. “The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.” In his second term in power, Trump has frequently criticised and insulted Powell, alleging he was too slow to lower interest rates. Trump’s Justice Department went so far as to pursue criminal charges against the Fed chair over a building renovation project. The probe was eventually dropped to smooth the path towards Powell’s …