President Trump’s threat to fire Federal Reserve Chair Jerome Powell, following his imposition of tariffs, caused a significant stock market downturn and drew sharp criticism, including a Wall Street Journal editorial labeling the tariffs a major economic blunder. Faced with this backlash and market instability, Trump retracted his threat, effectively conceding that Powell holds considerable influence over the economy. This reversal was interpreted by some as a humiliating retreat by the President, highlighting the economic fallout from his actions. Trump’s subsequent damage control attempts included blaming the media.
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President Trump’s continued attacks on Federal Reserve Chair Jerome Powell, coupled with ongoing tariff uncertainty, sent US stocks and the dollar plummeting on Monday. The Dow dropped over 1,190 points, while the dollar reached a three-year low, reflecting investor concerns about the administration’s unconventional approach to economic policy. This market downturn comes as Powell warned of the inflationary and growth-stunting potential of Trump’s tariffs, further exacerbating existing anxieties. The weakening dollar and rising gold prices signal a loss of confidence in US economic stability, prompting investors to seek safe haven assets.
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President Trump publicly urged immediate interest rate reductions globally, marking a renewed confrontation with the Federal Reserve. His comments, delivered at the World Economic Forum, followed his past criticisms of Fed Chair Jerome Powell and his assertion of influence over monetary policy. While the stock market reacted positively, the Fed has consistently maintained its independence from political pressure. Trump intends to communicate directly with Powell, despite lacking direct statutory control over the central bank.
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Federal Reserve Chair Jerome Powell has stated he will not resign from his position, even if asked to do so by President-Elect Donald Trump. This declaration came during a press conference following a meeting of the Federal Reserve, where a reporter pointed out that some of Trump’s advisors have suggested Powell should step down. Powell’s firm “No” response to this question was followed by a clarification that he does not believe he is legally obligated to resign.
Further inquiries from journalists focused on the President’s authority to dismiss or demote Powell. The Fed Chair definitively stated that such actions are “not permitted under the law”.… Continue reading
John Q. Hosedrinker 
Matt Underwood