The feud between the Fed chair and the US president seems shocking, but the foundation for central bank independence has long since eroded
Federal Reserve Chair Jerome Powell’s video address posted this past weekend in which he vowed to stand firm against threats of indictments from the Trump administration was shocking. Powell stated directly that the subpoenas recently served to the Fed should be viewed in the context of the pressure from the administration to more aggressively cut interest rates.
It was shocking not only because Powell, a man of reserve and restraint, has long ignored Trump’s insults and threats to fire him, preferring to…
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