Powell Just Announced He’s Staying At The Fed, Here’s Why That’s Trump’s Absolute Worst Nightmare
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Jerome Powell just made his final address as Fed Chair and surprise, surprise… he held the rates as is (between 3.5% and 3.75%).
Now that’s enough on its own to upset President Trump, but Jay Powell also revealed in his speech that he plans to stay on the board of the Fed until at least 2028 when his term expires.
Powell cited the probe into him and the bank as the reason for his need to stay. “I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that.” How very handy.
This means JP will have a say in future interest rates and Fed policy. Sounds like the Powell-shaped hole in Trump’s head isn’t going anywhere.
The President responded to the news saying that Powell was only staying because he “can’t get a job anywhere else.” Which is probably true, what company would want to start beef with the most powerful man in the world by hiring his arch nemesis?
As for the rest of the speech, Powell highlighted the need for central bank independence in a subtle dig at the ongoing attacks from Trump.
“We just work directly for the American people,” said Jay. “We don’t think, oh, I want to do this because the president says it’s a good idea, or because there’s an election coming up and I want to speed up or slow down the economy. This isn’t bipartisan. This is nonpartisan.”
Sorry, did I say ‘subtle’? I meant ‘very direct’.
The front runner for Powell’s chair next month is still Kevin Warsh, who just won the backing of a key Senate committee. And since Warsh has already said he’d fight to keep the Fed’s independence, it looks like the Trump vs. Fed cage fight isn’t ending any time soon.
I’ll go get some more popcorn.
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