Ingves on the Dangers of Political Interference

jan. 22, 2026

Stefan Ingves was interviewed on TV4 following reports that an investigation has been launched into Federal Reserve Chair Jerome Powell. The investigation was initiated amid ongoing public criticism from Donald Trump regarding the Federal Reserve’s interest rate policy and its economic effects.

“Historical experience shows that too much political interference in interest rate setting and monetary policy often leads to high, or too high, inflation. Sooner or later, it results in weaker economic development,” he said.

When asked if he can see any scenario in which the Executive Board is affected and begins to adjust the interest rate in response to threats from the political administration, Ingves replies that he does not see any such risk at present. He noted that the system is designed to resist political influence, a deliberate choice made when the US Federal Reserve was founded just over 100 years ago. The idea is precisely that the decision-making processes should be slow and take time.

“You can never completely rule anything out, but according to Ingves, there are currently no signs that the Executive Board would allow itself to be influenced. The discussion is rather noisy and is likely to continue, but without having any real consequences for monetary policy,” he said.

The clip is available on TV4 until March 14, 2025, and the interview starts five minutes into the broadcast.