Story perspectives
Trump's Cartoon Stirs Fed Independence Debate Ahead of Midterms
9/28/2025
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Story summary
- President Donald J. Trump escalated his feud with Jerome Powell via a Truth Social cartoon.
- The cartoon signals Trump's frustration with Powell's cautious rate cuts amid concerns.
- Trump criticized Powell for not cutting rates sooner, despite a recent move to 4.75–5%.
- The episode raises questions about Federal Reserve independence ahead of the 2026 midterms, with officials divided on rate cuts.
