Former New York Federal Reserve Chairman Dudley: Fed under relentless attack supports Powell to stay on board According to a report by Jin Shi, former New York Federal Reserve Chairman Dudley stated that Powell's decision to continue serving as a member of the Federal Reserve Board after stepping down will help appease Wall Street and the public amid President Trump's pressure to lower interest rates. The Federal Reserve has been relentlessly attacked by the President and its independence has been questioned, "said Dudley. Powell believes that his continued stay at the Federal Reserve will actually enhance the outside world's perception of the Fed's independence. I think it would be wise for him to stay if he is willing. Powell's term as a member of the Federal Reserve Board of Governors ends in 2028, and he chose to remain on the board after stepping down as chairman on May 15, which is not common in the history of the Federal Reserve. Trump nominated Walsh presented reasons to support the interest rate cut plan sought by the president. But traders are no longer betting on any interest rate cuts this year, and Dudley also stated that the reasons for monetary easing are "very weak".