ICYMI:
Is Trump building the foundations to fire Fed Chair Powell and other Fed members?"A political Federal Reserve risks weakening the US dollar’s reserve status"Lawyers for the dismissed officials warned that allowing such removals could pave the way for political interference at the Fed, threatening its credibility and potentially destabilising financial markets. The Supreme Court has issued a temporary stay, but economists and investors are watching closely given Trump’s previous attempts to remove Fed Chair Jerome Powell over policy disagreements.
Legal challenge: Lawyers for Cathy Harris and Gwynne Wilcox—Democrats fired by Trump from two labor boards—have asked the U.S. Supreme Court to reject the administration’s move to keep them out of their roles during ongoing litigation.
Economic implications: Harris’ team warned this could “greenlight chaos,” potentially undermining the Fed and threatening U.S. economic stability.
Fed credibility highlighted: The case is drawing attention due to Trump’s past efforts to remove Fed Chair Jerome Powell over policy differences.
Market concerns: Wilcox’s lawyers warned that weakening the Fed’s independence could trigger serious consequences for financial markets.
I posted this last week, including the pic below:
threat to Fed independence from Trump firing heads of independent bodies This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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