Yellen responds to "Trump-style intervention": The independence of the Federal Reserve is the bottom line, policy decisions will be based on data.

Kevin Hassett, chairman of the White House Council of Economic Advisers, said that if selected to lead the Federal Reserve, he would consider President Trump's policy views, but the central bank's interest rate decisions would remain independent. White House Chief Economic Adviser Hassett said last Sunday that the President "has very firm and well-reasoned opinions on what we should do." "But ultimately, the Fed's duty is to maintain independence and work with members of the Federal Reserve Board and the Federal Open Market Committee to reach a collective consensus on where interest rates should be," he said. Hassett was responding to questions about Trump's comments last Friday. At that time, Trump said he should be able to make recommendations on the interest rates set by the Federal Reserve. Trump and his senior advisors have been urging Federal Reserve Chairman Jerome Powell for months to lower interest rates, while also weighing his own choice to replace Powell - whose term will end in May next year. Hassett is considered a top candidate for the position, but Trump also met with former Federal Reserve governor Kevin Warsh last week. Trump listed both of them as his top choices to lead the Federal Reserve in an interview last Friday. "We will soon have an excellent Federal Reserve leader who will want to see rates go down," Trump said at the White House holiday reception last Sunday. "But we are still fighting high rates now." Hassett tried to clarify last Sunday that Trump is just one of many experts he can consult with, and ultimately can only offer advice. Even if he were to become Federal Reserve Chairman, "I would be happy to talk to the President every day until we both meet God, because talking to him is so interesting," Hassett said. However, he refuted the idea that "the President's views would have equal weight with the voting members of the Federal Open Market Committee", stating that policy makers are free to reject presidential opinions and "cast a different vote". "No, no, he will have no weight," Hassett said. "Only when his views are correct and based on data, will they carry weight."