"The market hangs on the Fed Chair's every word at every FOMC meeting, and past statements are mapped on to present ones to see what changed so investors can try to uncover clues as to how perhaps the most influential singular entity to the global economy looks at the future. In a normal world, Jerome Powell should be up here talking about labor market minutiae"
"we live in one where Trump's shambolic Department of Justice announced on Sunday that they are sending indictments to the Fed over supposed budget overruns on renovations they have been making, but for anyone who has been following this story since Trump took up this effort to name himself Fed Chair, it's crystal clear that Trump is indicting the Fed because Jerome Powell won't drop the Fed Funds Rate to 1% or less (it's currently at about 3.64%)."
The Federal Reserve was established in 1913 as an independent institution for economic forecasting and policymaking. The Fed Chair's primary role is to provide steadiness and measured communication so markets can interpret policy reliably. Markets react intensely to every Fed utterance, mapping past statements to detect shifts in outlook. The Trump administration's Department of Justice announced indictments against the Fed alleging renovation budget overruns, a move clearly tied to pressure on the Fed to lower the federal funds rate to around 1 percent from roughly 3.64 percent. Jerome Powell responded with an extraordinary public statement addressing the political targeting of the central bank.
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