Fed Chair Refuses to Yield to Trump and Cut Rates

U.S. President Donald Trump demanded the dismissal of Federal Reserve Chairman Jerome Powell after Powell refused to support lowering the key interest rate. The conflict arose from differing assessments of the economic consequences of the administration’s trade policies.

Earlier, Powell publicly criticized the White House’s course, stating that aggressive tariff increases on Chinese goods would heighten inflationary pressures and slow down economic growth. He emphasized that the Fed’s actions should be based on objective economic conditions, not political demands.

Trump insists on lowering interest rates to stimulate the economy amid global trade wars and internal instability. However, Powell took a firm stance, refusing to adjust monetary policy under political pressure.

The conflict between the White House and the Federal Reserve increases tensions in financial markets and raises concerns about the independence of the country’s key economic institution amid growing political turbulence.

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