Jerome Powell, former US Federal Reserve chair, defended the independence of institutions like the central bank, universities, and courts during a recent award acceptance speech. He emphasized that the Fed's autonomy is a vital asset for democracy.

Former US Federal Reserve chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honouring his efforts to preserve the central bank’s independence. Speaking at the John F. Kennedy Presidential Library, Powell called universities, courts, Congress and the central bank “the foundation and the embodiment of our democracy” and argued that the Fed’s independence was a “priceless asset” that must be...