Governor Andrew Bailey has launched a defence of the Federal Reserve’s independence.

Bank of England Governor Andrew Bailey has said he is “very concerned” about President Trump’s threats against the US Federal Reserve.

In a hearing before the Treasury Select Committee , Bailey said the threat to the Fed’s independence was a “very serious situation”.

The Governor said he was worried about attempts to “trade off” monetary and financial stability maintained by independent central banks.

“I’m afraid I just think that is a very dangerous road to go down,” Bailey said.

“The job of an independent central bank is to provide those foundations, to take independent decisions to do it.”

“That’s how it works, that’s how it should work. The threats that I take very seriously.”

His defence of t

See Full Page