Jerome Powell warns that the Federal Reserve is undergoing a ‘stress test’ as its credibility comes under attack

The famously tight-lipped former Federal Reserve chair Jerome Powell said on Sunday that the central bank was undergoing a “stress test,” like many other U.S. institutions (universities, Congress, the courts, and the Constitution), and warned that “the Fed’s credibility would be lost . . . if any administration finds a way to remove Fed officials over policy differences.” Powell made the remarks while receiving the John F. Kennedy Profile in Courage Award at the...