In an interview with CBS' 60 minutes, Federal Reserve Chairman Jerome Powell said that President Trump's criticism of the the central bank and its interest rate hikes played no role in the Fed's recent decisions to hold off on raising interest rates further.

The big picture: The Fed's seemingly sudden shift to pause on further interest rate hikes came after Trump's unprecedented string of negative comments about Powell and the Fed hiking rates under his leadership — stoking concerns that Trump had influenced the apolitical central bank.

The exchange:

Scott Pelley: You were raising interest rates at the end of last year and just in the beginning of 2019. The president sounded off on that. And you stopped raising interest rates. Was it because of pressure from the White House and the President?
Powell: Not at all. Not at all. And it's very important that the public understand that we are always going to make decisions based on what we think is right for the American people .... We will never, ever take political considerations into effect. This is a strong institution, which has a strong culture, which is as I've described it.

Other highlights: Powell also said that the president does not have the legal authority to fire him, something lawyers and fed-watchers have debated. He also said he "fully intends" to serve his four-year term.

  • Powell also reiterated his concern about the U.S. national debt, saying he feels like he "has a duty to speak up" when something "threatens the overall economy."

Go deeper

TikTok's content-moderation time bomb

Illustration: Aïda Amer/Axios

When the dust finally clears from the fight over TikTok, whoever winds up running the burgeoning short-video-sharing service is likely to face a world of trouble trying to manage speech on it.

Why it matters: Facebook’s story already shows us how much can go wrong when online platforms beloved by passionate young users turn into public squares.

Ben Geman, author of Generate
50 mins ago - Energy & Environment

Zooming in on China's new energy plan

Illustration: Rebecca Zisser/Axios

Major climate news arrived on Tuesday when Chinese President Xi Jinping said China would aim for "carbon neutrality" by 2060 and a CO2 emissions peak before 2030.

Why it matters: China is by far the world's largest greenhouse gas emitter. So its success or failure at reining in planet-warming gases affects everyone's future.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 31,647,930 — Total deaths: 971,711 Total recoveries: 21,776,599Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 6,897,661 — Total deaths: 200,818 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: Hospitals want more time to repay pandemic loans — Supply shortages continue to plague testing.
  4. Business: The high-wage jobs aren't coming back
  5. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  6. Sports: Less travel is causing the NBA to see better basketball.

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