Trump Intensifies Calls for Federal Reserve Chair Powell's Termination Amid Supreme Court Case
President Trump escalates calls for Jerome Powell's termination as legal battles over presidential powers regarding independent agencies heat up.
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A real move to fire Powell would be a power grab with huge implications.
Trump vs. the Fed, briefly explained
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Trump’s rhetoric has raised fresh concerns about political interference in monetary policy, a development that could spook markets and undermine the central bank’s credibility.
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What troubles us about the current pass is that President Trump is not addressing the complaints that trouble the conservatives.
Trump Could Have Cause To Fire Powell
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Weakening the Fed’s independence would not only rattle investors who are already anxious about Trump’s tariffs, but it could destroy the central bank’s credibility, which it needs to fight inflation.
Can Trump fire Jerome Powell? The Supreme Court may soon have an answer | Politics
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The effectiveness of these strategies is debatable.
Trump Tries ‘Termination’ Threat to Sway Fed Chair Jerome Powell
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Sen. Warren Warns of Market 'Crash' If Powell Fired From Fed
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But Trump’s aggressive and haphazard tariffs have raised the threat of a recession with both higher inflationary pressures and slower growth, a tough spot for Powell, whose mandate is to stabilise prices and maximise employment.
Trump Says Fed Chair Powell’s Exit ‘Can’t Come Soon Enough’
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However, since monetary policy is in a good position, Powell believes he and his colleagues can wait for greater clarity before taking action.
Trump Pushes for Rate Cut, Says Powell’s ‘Termination Cannot Come Fast Enough’
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But Trump’s aggressive and haphazard tariffs have increased the threat of a recession with both higher inflationary pressures and slower growth, a tough spot for Powell, whose mandate is to stabilize prices and maximize employment.
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The U.S. economy had been growing at a steady pace and appeared on track for a successful soft landing — controlling inflation without triggering job losses or a recession — when Trump took office.
Trump lashes out at Fed chair again: ‘Powell’s termination can’t come fast enough!’
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Since Trump took office he has criticized Powell on multiple occasions, despite a longstanding norm of political independence at the central bank.
Trump says he's eager for Fed Chair Jerome Powell's 'termination'
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The back and forth is part of a long-running dispute between the president and the Fed chair, whom Trump nominated for that post during his first term in the White House.
Trump calls for Fed Chair Jerome Powell's 'termination' in blistering attack
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However, Trump has soured on Powell and wants him out of the job.
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Powell enraged Trump last night by warning that the White House’s massive tariffs could raise inflation.
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But Trump’s aggressive and haphazard tariffs have increased the threat of a recession with both higher inflationary pressures and slower growth, a tough spot for Powell, whose mandate is to stabilize prices and maximize employment.
Trump says Federal Reserve Chair Powell’s ‘termination cannot come fast enough’
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Trump says Federal Reserve Chair Powell’s 'termination cannot come fast enough'
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During Trump's first term, he frequently dialed up the pressure on the Fed.
Trump lashes out at Fed chair: 'Powell's termination cannot come fast enough'
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Summary
President Trump has renewed his calls for Federal Reserve Chair Jerome Powell's removal, insisting his termination 'cannot come fast enough.' This comes as the Supreme Court deliberates a pivotal case concerning Trump's authority to dismiss officials from independent agencies, which could indirectly affect the Fed. Trump's grievances stem from Powell's reluctance to lower interest rates and his warnings regarding the inflationary impact of tariffs. The case at hand, concerning labor agency leaders, may redefine presidential powers over independent entities. Economists stress the importance of the Fed's independence, fearing unrest in financial markets if Trump's wishes are realized.
Perspectives
Federal Reserve's dual mandate to stabilize prices and maintain employment is at risk due to Trump's tariffs, which have resulted in increased inflation and slowing growth.
Powell emphasizes the need for the Fed to remain cautious and observe market data before making any monetary policy adjustments amidst the current economic landscape influenced by aggressive tariff policies.
The Fed's independence is legally protected, and it's crucial that monetary policy decisions are made without political pressure, regardless of Trump's calls for immediate interest rate cuts.
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