U.S. Federal Reserve Chair Jerome Powell on Wednesday said there is no place for the central bank to consider government financing needs when setting interest rate policy. “We have a mandate” from Congress,

Jerome H. Powell, the Federal Reserve chair, is facing relentless attacks from the president, a lively campaign to replace him and divisions in his own ranks over when to cut interest rates.

The president is already reshaping the economy with his sprawling tariff policy. Now he wants the Federal Reserve to fall in line.