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The U.S. Federal Reserve’s independence is the backbone of its inflation-fighting credibility.
That's why, before Trump, most U.S. presidents—Johnson and Nixon excepted—avoided overt political pressure on the Fed.
Trump, of course, completely ignored that long-standing norm, calling Fed Chair Powell:
- “Too Angry, Too Stupid, & Too Political”
- “Mr. Too Late”
- “Major Loser”
- “A stupid person” / “not smart”
- "Mental"
Trump said he’d “love to fire his ass.”
But none of that got the President what he wanted: 100 to 300 bps of rate cuts, ideally yesterday.
After insults failed to move the needle, the Trump-led Justice Department recently decided to try a fresh angle.
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