Fed Chairman Warsh questioned about independence from Trump

Federal Reserve Chairman Kevin Warsh said the Fed will continue to set interest rates without considering politics during his first congressional testimony on Tuesday. Democratic Rep. Nydia Velázquez of New York asked the new Fed leader if he works for Trump, to which he responded: "We're an independent central bank."

He reiterated that view in an exchange with Democratic Rep. Gregory Meeks of New York, who pressed Warsh on how he would respond if Trump pressured him to "pursue a different course" than that warranted by economic data.