The ongoing feud between US President Donald Trump and Federal Reserve Chairman Jerome Powell centers around monetary policy and the Fed's independence. Here's what's happening ¹ ²:
- *Interest Rates*: Trump wants lower interest rates to boost economic growth, while Powell's Fed has kept rates steady between 4.25% and 4.50% due to inflation concerns and uncertainty around Trump's tariffs.
- *Tariffs*: Powell has criticized Trump's tariffs, warning they could accelerate inflation and dampen economic growth. Trump, however, believes tariffs will generate revenue and lead to economic resurgence.
- *Fed's Independence*: Trump has questioned the Fed's independence, suggesting the President should have influence over interest rate decisions. Powell maintains the Fed's independence is a matter of law, and he's not removable except for cause.
- *Potential Firing*: Trump has called for Powell's "termination," but it's unclear if he can fire the Fed chair before his term ends in May 2026. A Supreme Court case could potentially make it easier for a president to fire top officials at independent agencies.
*Key Players' Stances:*
- *Trump*: Wants lower interest rates, believes tariffs will boost economy, and questions Fed's independence.
- *Powell*: Prioritizes fighting inflation, maintains Fed's independence, and warns about potential economic risks of Trump's tariffs.
- *Other Supporters*:
- *Elizabeth Warren*: Warns that firing Powell would "crash the stock market" and undermine the Fed's independence.
- *Christine Lagarde*: Offers support for Powell, highlighting the solid relationship between central bankers.
The tension between Trump and Powell reflects fundamental disagreements over economic policy and the role of the Federal Reserve.
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