BNY Mellon CEO: Attacking the Fed Would Be Counterproductive to Trump's Economic Goals

Deep News01-13

The Chief Executive Officer of Bank of New York Mellon, Robin Vince, stated that attacks on the Federal Reserve by the U.S. Department of Justice would be "counterproductive" to the Trump administration's goals of boosting the U.S. economy and prioritizing affordability.

Vince remarked during a media conference call on Tuesday that the Federal Reserve's long-standing independence has been greatly beneficial to the economy and capital markets, and undermining this cornerstone of the U.S. bond market could instead run counter to the White House's objectives.

He pointed out, "Questioning one of the fundamental tenets of the bond market could, in fact, have precisely the opposite effect. Taking action that undermines this agenda at the present time does not seem like a prudent course of action."

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