Source: realDonaldTrumpFlorida Senator Rick Scott agreed with the president, saying, “it’s time for new leadership at the Federal Reserve.”Trump’s public criticism of the Fed breaks a decades-long convention in American politics that sought to safeguard the central bank from political scrutiny, which includes any executive decision to replace the chair. In an April 16 address at the Economic Club of Chicago, Powell said Fed independence is “a matter of law.” Powell previously signaled his intent to serve out the remainder of his tenure, which expires in May 2026. Related: S&P 500 briefly sees ‘Bitcoin-level’ volatility amid Trump tariff warCrypto, risk assets look to the Fed for guidanceThe Federal Reserve wields significant influence over financial markets, with its monetary policy decisions affecting US dollar liquidity and shaping investor sentiment.
With the European Central Bank (ECB) cutting interest rates again on April 17, “Too Late” Powell has failed to act appropriately in the United States, even with inflation falling, Trump said on Truth Social on April 17. “Powell’s termination cannot come fast enough! ” Trump said.
However, Powell has reiterated the central bank’s wait-and-see approach as officials evaluate the potential impact of tariffs. A measure of real-time inflation known as “truflation” suggests that cost pressures are much weaker than the Fed’s primary indicators, which are several months out of date.
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