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.
Can Trump Fire Jerome Powell?
TIME Magazine
Trump Could Have Cause To Fire Powell
New York Sun
Trump Tries ‘Termination’ Threat to Sway Fed Chair Jerome Powell
New York Magazine
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.
Sources (33)
- Trump's escalating criticism of Powell underscores a dangerous politicization of the Federal Reserve, threatening its independent status and undermining public trust in monetary policy.
- The warnings from Powell about the potential impacts of tariffs are indicative of a broader economic crisis, with rising costs and stagnating growth likely to hit working families hardest.
- Drifting towards stagflation, the Fed must navigate the economic turbulence created by aggressive tariff strategies, risking increased unemployment and inflation.
Vox·1M· "…A real move to fire Powell would be a power grab with huge implications."
TIME Magazine·1M· "…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."
CNN·1M· "…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."
New York Magazine·1M· "…The effectiveness of these strategies is debatable."
Al Jazeera·1M· "…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."
PBS NewsHour·1M· "…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."
El Pais·1M· "…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."
CNN·1M· "…Companies on first-quarter earnings calls have said that uncertainty makes it extraordinarily difficult to plan ahead."
The Guardian·1M· "…Powell enraged Trump last night by warning that the White House’s massive tariffs could raise inflation."
The Guardian·1M· "…Trump has been pressuring Powell repeatedly to cut US interest rates even though the central banker is independent of the administration in setting monetary policy and the White House typically does not publicly lobby the Federal Reserve."
CNN·1M· "…The Fed raised interest rates a handful of times that year over worries that a historically tight job market could spur higher inflation."
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