I have a feeling Trump and team will look for another way to bitch-slap Powell. Bessent is now becoming more vocal on the Fed dragging its feet. Trump, Bessent, and Pulte are all in sync on this; my guess is Lutnick will soon follow voicing his criticisms. The rising interest payments on the national debt are a certainty while the dual Fed "mandate" on unemployment and inflation (one here must understand the Phillips Curve history) is little more than voodoo economics with little to no evidence the Fed HAS EVER BEEN effective since this dual mandate was "adopted." Before this adoption, monetary and currency stability was the Fed's "purpose," but guess fucking what? The dollar has lost 95% (give or take a percent or two) of its purchasing power since the Fed was created. The Fed is a device for power, control, theft and obfuscation, NOT protection of America's currency or its banking system.
After the brouhaha we've been experiencing and the nonsense Fed "independence" arguments, my guess is Powell feels emboldened to slow-walk quarter point decreases to assert his (Fed) power, but two board members defected this time. One can tell Trump learned a lot from the last time around; I don't think he'll wait to get faux mollified by a quarter point cut in September. Look for an all-fronts attack on the Fed's history of failures and some back door attempts to peel off more board members. Don't forget the renovation cost overruns, Powell's statements to Congress, congressional members supporting renovation investigations, and most important of all - the growing understanding that the President has more powers here than many think. I've posted work from Cornell Law Review that supports the assertions about presidential powers of removal.
One can avoid reality, but one cannot avoid the consequences of avoiding reality.
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