Article snippet: Jerome Powell reached new heights Friday as the Federal Reserve chairman delivered his most explicit rebuttal to the president after sustaining more than a year's worth of public attacks. In a highly anticipated speech, Powell said that while the Fed may soon cut rates to fend off economic headwinds, the central bank is not responsible for resolving the trade disputes driven by Trump. “Setting trade policy is the business of Congress and the administration, not that of the Fed,” Powell said at the Fed’s annual summit in Jackson Hole, Wyo. He argued that while “monetary policy is a powerful tool that works to support consumer spending, business investment and public confidence, it cannot provide a settled rulebook for international trade.” Trump has sought to discredit mounting concerns about a recession, which could derail his reelection campaign. He and his top aides have played down the fallout from the trade war with China and instead have blamed the Fed for restraining the U.S. economy. Economists say trade issues do not fall under the Fed's mandate. “The Federal Reserve is not equipped to fight President Trump’s trade war,” said Joe Brusuelas, chief economist at research firm RSM. “It’s very clear that the Fed has elevated the risks around President Trump’s trade war to the top of the list. That message was received loud and clear at the White House.” Powell's remarks enraged Trump, who suggested the top Fed official could be a more dangerous threat to the U... Link to the full article to read more