“For more than a year, President Donald Trump waged an unusually aggressive and public campaign to bring the Federal Reserve to heel — repeatedly threatening its chair, egging on a criminal investigation, attempting to fire a sitting governor and demanding deep interest rate cuts to juice the economy,” the Washington Post reports.
“On Wednesday, he discovered just how thoroughly it had backfired.”
“Jerome Powell, in his final news conference as Fed chair, announced he would remain on the central bank’s board of governors for a period to be determined — a direct consequence of the administration’s legal assaults on the institution.”
“The decision denies the White House a crucial seat on the Fed’s seven-member board, probably delaying Trump’s ambitions to make sweeping changes to the central bank. Unless another governor leaves, Trump won’t have another vacancy to fill until Powell’s term as governor expires in January 2028.”
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