Chairman of the Federal Reserve Jerome Powell took part in a panel discussion on central bank independence at an event hosted by the on Tuesday morning Swedish Riksbankthe Central Bank of Sweden.

While Powell did not specifically address the US policy outlook, he did stress the importance of autonomy for the Federal Reserve to make necessary decisions address inflation.

“The lack of direct political control over our decisions allows us to take these necessary actions without considering short-term political factors,” Powell said. “I believe that the benefits of independent monetary policy in the US context are well understood and widely accepted.”

Powell’s comments came shortly after the recent majority change in the US House of Representatives with Rep. Kevin McCarthy (R-Calif.) takes the lead as speaker.

Participation in the panel discussion was also Andrew BaileyGovernor of the Bank of England and Isabel SchnabelMember of the European Central Bank.

Powell’s comments also followed statements by the Governors of the Federal Reserve Banks of San Francisco and Atlanta, Mary Daly and Raphael Bostikwho said they would be willing to adjust future rate hikes to more traditional quarter-point intervals to reflect the impact of past rate hikes.

Additionally the last job report showed slower wage growth and a decline in hours worked for the second straight month, further supporting the potential slowing pace of the Fed’s rate hikes.

Investors are now awaiting the next Fed policy meeting (Jan. 31-Feb. 1), when market data from the CME forecast a 78.2% chance of a 0.25% rate hike.

The Fed will also consider data from the Consumer Price Index (CPI), which will be published on Thursdaysince it determines the next interest rate policy steps.

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