Fed Legend Paul Volcker Would Shrug Over This Attack
In fending off political pressure in his day, the iconic chairman of the Federal Reserve drew inspiration from George Washington.
In a happier moment.
Photographer: Bettmann/Contributor/Getty Images
The message hasn't been subtle. President Donald Trump wants Federal Reserve Chair Jerome Powell to lower interest rates now: “Too Late—Powell is the WORST. A real dummy, who’s costing America $Billions!" "Too Late should resign immediately." Powell has resisted, and now Trump says ballooning costs tied to the renovations of the central bank’s headquarters may give him the grounds he needs to fire Powell.
Welcome to the great American tradition of presidents hating on the Federal Reserve. Set aside this president’s signature bluster and the behavior is nothing new. In fact, it should be a source of pride that the leaders of the US’s central bank stand up to politicians and put their duty to the public first, come hell or Truth Social.