Federal Reserve Chair Jerome Powell has tested positive for COVID-19 and is experiencing mild symptoms.
“Chair Powell is up to date with COVID-19 vaccines and boosters,” the Fed said in a statement. “Following Centers for Disease Control and Prevention guidance, he is working remotely while isolating at home.”
Powell spoke last week in Sweden, making the case for the Federal Reserve’s independence while defending the central bank’s aggressive interest rate hikes to bring down high inflation.
“The case for monetary policy independence lies in the benefits of insulating monetary policy decisions from short-term political considerations,” Powell said at the Symposium on Central Bank Independence in Stockholm, Sweden.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.”
Powell did not explicitly mention the policy outlook in his speech.
The Fed’s next policy announcement is expected in two weeks, with its two-day policy meeting set to take place Jan. 31-Feb. 1.