What Trump’s increasingly aggressive attacks on Powell are all about
CNN
President Donald Trump’s attacks on Federal Reserve Chair Jerome Powell are so commonplace at this point that they barely register in financial markets these days. The rapidly intensifying multi-pronged efforts by Trump’s advisers to amplify and expand on Trump’s attacks are a good reason to rethink that indifference.
President Donald Trump’s attacks on Federal Reserve Chair Jerome Powell are so commonplace at this point that they barely register in financial markets these days. The rapidly intensifying multi-pronged efforts by Trump’s advisers to amplify and expand on Trump’s attacks are a good reason to rethink that indifference. White House advisers are now unequivocally engaged in a coordinated effort to dramatically ramp up the pressure on Powell in public statements and through bureaucratic moves designed to give Trump more leverage. That leverage, sources say, isn’t designed to trigger Powell’s removal — at least not at the moment. But with Trump’s frustration over the Fed’s refusal to bow to his pressure to lower rates growing by the day, it is the most consequential step taken thus far to bring that threat to Powell’s doorstep. It also serves as the clearest window into the expanding effort to change Powell’s and the Federal Open Market Committee’s insistence on independence. Just three weeks ago, Trump candidly acknowledged his attempts had failed. “I call him every name in the book trying to get him to do something,” Trump said, expressing bewilderment over Powell’s impervious response to his powers of persuasion. “I do it every way in the book. I’m nasty. I’m nice. Nothing works.”
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