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Focus on Fed Chair Powell's Speech Tonight Amid Trump's Pressure on Fed
Summary: According to sources, Federal Reserve Chair Powell is set to speak at the European Central Bank forum on Tuesday, amidst White House efforts to plan for his replacement and growing internal Fed divisions. Treasury Secretary Benson suggested a potential successor for Powell's term end and hinted at filling a key Fed board seat in January, ...
According to sources, Federal Reserve Chair Powell is set to speak at the European Central Bank forum on Tuesday, amidst White House efforts to plan for his replacement and growing internal Fed divisions. Treasury Secretary Benson suggested a potential successor for Powell's term end and hinted at filling a key Fed board seat in January, possibly leading to the chairmanship. Shortly after Benson's remarks, Trump escalated attacks on Powell and the Fed, accusing them of maintaining rates at excessively high levels, causing trillions in losses for the US and calling for their shame.
Meanwhile, internal Fed divisions are widening, with Trump-appointed officials Waller and Bowman advocating for rate cuts as early as July. This rift is impacting the fragile economy negatively, with the June nonfarm payrolls report set to complicate the outlook when released on Thursday.
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Link: Focus on Fed Chair Powell's Speech Tonight Amid Trump's Pressure on Fed [Copy]
