How Trump’s crusade against Jerome Powell backfired

Key Points:

• President Donald Trump's prolonged campaign against Fed Chair Jerome Powell, driven more by personal grievance than strategy, has backfired as Powell decided to remain on the Federal Reserve Board of Governors after his chairmanship ended.
• Powell's unprecedented choice to stay on the Fed board, citing legal attacks from Trump and threats to the Fed's independence, prevents Trump from securing a Fed majority of his own appointees for now.
• Trump's Department of Justice recently closed its criminal investigation into Powell, but Trump continues to attack him, signaling ongoing tension and possibly influencing Powell's decision to stay for protection.
• Despite pressure and threats from Trump, Powell has consistently resisted political interference, highlighting a broader pattern of Trump's failed retribution efforts against various political foes.
• Trump's persistent but unsuccessful attempts at retribution risk political fallout, as public opinion tends to view these efforts as less legitimate, while targets like Powell become more resolute.