Trump Weighs Firing Fed Chair, Threatening Economic Stability
President Trump is considering firing Federal Reserve Chair Jerome Powell, blaming economic struggles tied to his tariffs. Legal experts caution that recent court rulings might give Trump the confidence to act unchecked. This alarming scenario threatens the independence of financial institutions and poses serious risks to both the economy and democracy in the U.S.
President Trump ramped up his pressure on Federal Reserve Chair Jerome Powell to cut interest rates after a disappointing ADP report revealed just 37,000 private-sector jobs were added in May, far short of the anticipated 110,000. As economists await the nonfarm payroll data, Powell remains optimistic about the economy, even amid worries about hiring slowdowns and stagflation risks from tariffs.
President Trump's potential dismissal of Federal Reserve Chair Jerome Powell echoes past tensions between U.S. presidents and the Fed, notably during Nixon's administration. In 1971, Nixon pressured the Fed to adopt policies favoring short-term economic gains, leading to long-term inflation and economic instability. This historical precedent raises concerns about the Fed's independence and the risks of politicizing monetary policy in today's economic climate.
President Trump is considering firing Federal Reserve Chair Jerome Powell, blaming economic struggles tied to his tariffs. Legal experts caution that recent court rulings might give Trump the confidence to act unchecked. This alarming scenario threatens the independence of financial institutions and poses serious risks to both the economy and democracy in the U.S.
President Trump ramped up his pressure on Federal Reserve Chair Jerome Powell to cut interest rates after a disappointing ADP report revealed just 37,000 private-sector jobs were added in May, far short of the anticipated 110,000. As economists await the nonfarm payroll data, Powell remains optimistic about the economy, even amid worries about hiring slowdowns and stagflation risks from tariffs.
President Trump's potential dismissal of Federal Reserve Chair Jerome Powell echoes past tensions between U.S. presidents and the Fed, notably during Nixon's administration. In 1971, Nixon pressured the Fed to adopt policies favoring short-term economic gains, leading to long-term inflation and economic instability. This historical precedent raises concerns about the Fed's independence and the risks of politicizing monetary policy in today's economic climate.
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