Fed Official Slams White House Criticism of NY Fed Tariff Study

Minneapolis Fed President Neel Kashkari says attacks on central bank's independence are unacceptable

Published on Feb. 24, 2026

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Federal Reserve Bank of Minneapolis President Neel Kashkari criticized comments made by National Economic Council Director Kevin Hassett about a New York Fed study on tariffs, saying they undermine the central bank's independence.

Why it matters

The Fed's independence from political influence is a cornerstone of its ability to effectively manage monetary policy. Kashkari's strong rebuke of Hassett's criticism signals growing concerns about White House attempts to interfere with the Fed's work.

The details

Kashkari said Hassett's critical comments about the New York Fed study on the economic impact of tariffs are "just another step to try to compromise the Fed's independence." He noted that over the past year, there have been "multiple attempts to try to compromise the Fed's independence" which he views as "really about monetary policy."

  • The comments were made by Kashkari on February 19, 2026.

The players

Neel Kashkari

The president of the Federal Reserve Bank of Minneapolis, who strongly defended the central bank's independence from political influence.

Kevin Hassett

The director of the National Economic Council, who criticized a New York Fed study on the economic impact of tariffs.

New York Fed

The Federal Reserve Bank of New York, which published a study on the economic effects of tariffs that was criticized by the White House.

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What they’re saying

“This is just another step to try to compromise the Fed's independence. Over the last year we've seen multiple attempts to try to compromise the Fed's independence. It's really about monetary policy.”

— Neel Kashkari, President, Federal Reserve Bank of Minneapolis (Bloomberg)

The takeaway

Kashkari's strong defense of the Fed's independence underscores the growing tensions between the central bank and the White House over the conduct of economic policy. This clash highlights the importance of preserving the Fed's ability to make decisions free from political interference.