The Illusion of Federal Reserve Independence What does a cornered animal do? It avoids, evades, and waits for the right moment to strike. That’s exactly what Fed Chair Jerome Powell did when pressed on Trump’s demands for lower interest rates and the broader economic policies of his administration. “I am not going to have any response or comment whatsoever,” Powell said. His message? Nothing to see here, folks. But make no mistake—this wasn’t restraint. It was fear. Powell is acutely aware that Trump’s economic team has a different vision for the financial system, one that doesn’t involve an all-powerful Federal Reserve dictating monetary policy. Trump’s first term already saw relentless Fed-bashing, and now, in his second term, the stakes are…
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