Trump Turns Up the Heat on Fed Chair Powell
Or that should probably read "Trump goes for Powell's jugular", because, yo, a criminal investigation can lead to conviction and then jail term, that's the freaking jugular!
A Little Background
..for those who don't know
Fed Chair Powell is in charge of the US Federal reserve and he, alongside the board, but especially he, makes the decision to increase or reduce interest rates.
Trump wants him to reduce interest rates.
When interest rates are reduced the stock market and other markets like the crypto market usually see a boost because lower interest rates means cheaper loans and cheaper loans means people would borrow more and invest more into these markets.
For this reason and probably other reasons, Trump has been pushing for the cuts but Powell has been taking it easy, listening to what the inflation and employment reports say, and only cutting very little because that's what the reports say to him, that's what he thinks is best based on the reports and current situation.
Trump has been having none of that.
It was a wonder what Trump would do about it, Trump is very imposing and so a lot of us were expecting Trump to prevail or do something drastic, his not doing anything drastic made me feel like he's probably just going to wait out Powell because Powell's term as Fed Chair expires in May 2026.
But it seems Trump can't wait that ~long~ short because this investigation/accusation is certainly a bid to make Powell capitulate ASAP.
What Comes Next
It would be fought in court, clearly. This is what they have against him currently:
We don't know how much evidence they have against him, but if it is good enough they would show it to Powell and Powell would probably capitulate ASAP and let Trump have his way, either that or he just resigns and let Trump appoint someone else who would do his bidding.
But if the evidence is not good enough, it would probably not go anywhere, and Powell would win in Court and finish his term. But what they have against him seems like something they can easily win with, some difference between the actual Fed's Washington Headquarters and what Powell reported to Congress can be all it takes.
Plus, even if Powell can win this is still so much pressure. To keep his honour intact he might not do what Trump wants but he could just resign and let Trump appoint someone else.
So in my opinion, Trump's chances of prevailing on this matter is really high. But I wonder how many months it would take to be over with this and have the rate cuts that he wants. He clearly wants it way before May/June, so let's see.
The End
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This will get dropped, if it ever even gets to a court, just like the charges against Comey and Letitia James. Trump talked about this in his first term, right after he appointed Powell as fed chair. There wasn't enough to bring charges then, and there isn't enough now. The only difference is that now he has an AG that will do whatever he says, even if it has absolutely no chance in front of a grand jury.
Good point, but Trump wants this more badly than he wanted the others because there's a specific action he wants Powell to carry out so he might go further this time.
Secondly I think it also depends on what they have on Powell, this accusation seems like it might hold water. It just depends on whether the difference between what Powell said to Congress about the Headquarters and what the actual Headquarters is is tangible enough.
They don't have anything new on Powell, they just have an AG that doesn't care if she takes an embarrassingly bad case to court. As I said, Trump tried to do this before, and it never even went in front a judge.
Alright, man, let's see how it goes.
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