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⚠️ Political Tensions Rise in the U.S. Economy ⚠️
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White House Economic Advisor Kevin Hassett announced Friday that President Donald Trump and his team are actively considering the removal of Federal Reserve Chairman Jerome Powell. When asked directly, Hassett replied, “The President and his team will continue to study the issue.” This statement follows Trump's latest escalation of a long-standing feud with Powell, accusing him of acting “politically” by refusing to cut interest rates. Trump boldly declared that he holds the authority to dismiss Powell “very quickly.” However, Powell pushed back, asserting that the law does not permit his dismissal and that he plans to serve until the end of his term in May 2026.
Meanwhile, Powell emphasized that the current Supreme Court case does not apply to the Federal Reserve. In a cautionary note, the U.S. Treasury Secretary warned that firing Powell could lead to financial market instability. This unfolding drama injects uncertainty into the markets and raises questions about the independence of the Fed. The stakes are high as political interference could shake investor confidence in the U.S. economy.
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