Fed up: inside Trump’s unprecedented bid to exert control over the US central bank
The Guardian••business
Key Points:
- President Donald Trump publicly confronted Federal Reserve Chair Jerome Powell over the rising $3.1 billion cost of Fed headquarters renovations, marking an unprecedented challenge to the Fed's traditional independence.
- Trump has repeatedly criticized the Fed's interest rate policies, pushing for lower rates to stimulate the economy, and has threatened legal action and personnel changes, including attempting to fire Fed Governor Lisa Cook.
- The Supreme Court is set to rule on the legality of Cook's firing, a case with significant implications for the limits of presidential power over the Fed.
- Despite Trump's attacks, the Fed has maintained its policy stance, with Powell emphasizing caution amid economic risks and signaling no immediate major rate changes.
- Looking ahead, Trump aims to influence the Fed's future
