This story appeared in log off, a A daily newsletter that will help you stay informed about the Trump administration without taking over your life in political news. Subscribe here.
Welcome to logoff: Today, I would like to add a bit of perspective to President Donald Trump's attack on Federal Reserve Chairman Jerome Powell.
What's the latest? Trump today criticized Powell, urging the central bank's heads to lower interest rates, saying, “The fire cannot come quickly enough!” Powell said Wednesday that Trump's tariffs could slow growth and drive inflation. This is an analysis shared by the majority of economists, but contradicts Trump's promises about his trade policy.
Can Trump get rid of Powell? The law that created the Fed states that chairs could only be fired for causes such as corruption or incompetence, and agrees with the Supreme Court precedent. However, the administration argues that the constitution gives the president the right to freely fire employees at independent institutions such as the Fed. If Trump attempts, the fight will likely end in court. Otherwise, Powell's four-year term as Fed chair ends in May 2026.
So is this a big deal? The real move to fire Powell is a power glove that has great significance. Fed independence is important to economic management, and attempting to seize central bank control is straight from an authoritarian playbook. But Trump has posted about the Fed more than 100 times since he nominated him in 2017 to disgrace and threaten Powell. At least for now, there is no evidence that this time is different.
So, what is the big picture? In another administration and era, the president has called for the Fed's low interest rates to be key and worthy of the norm. But in signs of how far we've moved from that baseline, Trump's attack on Powell is, at this point, a standard operating procedure.
And so, it's time to log off…
No, scientists did not present the discoveries of alien life in a new paper published yesterday. But they found signs of gas I did it It is evidence of alien life. And for me, it's fun to even think about extraterrestrial life. Thank you for reading and I'll see you here tomorrow.
