The new head of the Bank for International Settlements stresses the importance of central banks focusing on inflation and maintaining independence from politicians. Uncertainty surrounds the Federal Reserve as President Trump criticizes Chair Jerome Powell and fires Governor Lisa Cook. Pablo Hernandez de Cos emphasizes the need for a clear price stability mandate, independence, and accountability in monetary policy. Independence allows central bankers to make decisions based on economic considerations, free from political interference. Hernandez de Cos did not directly address Trump’s actions but highlighted the foundations for central bank credibility.

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