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Federal Reserve Megaphone: Federal Reserve independence is challenged again, and no interest rate cut is expected this month
Odaily News Fed mouthpiece: The building renovation dispute has emboldened a faction within the Trump administration that has long wanted to challenge the independence of the Federal Reserve. Some economic advisers, such as Treasury Secretary Bessant, generally advocate maintaining the independence of the Federal Reserve. For example, Bessant refused to criticize Trump on the building renovation in a recent Fox Business interview. But other advisers and external allies have been exploring legal ways to remove Powell from his position since before the election. No one wants to do major renovations to a historic building during their term, let alone two historic buildings that need a lot of repairs, Powell said in his testimony last month. Previously, Trump has pushed for lower interest rates on a larger scale to reduce government borrowing costs. The Fed is not expected to cut interest rates at its meeting later this month, but Powell has hinted that it may cut rates later this year if inflation performs well or the labor market is weak. Trump wants to reduce the debt servicing costs of the federal deficit, and his tax cuts may expand the federal deficit. But outside of extreme situations such as war, central banks in developed economies will resist such pressure. They believe that stable inflation is essential to maintaining peoples confidence in their own currencies. (Jinshi)
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