President Trump’s attacks on the Fed are not over
Jerome Powell wins a reprieve. But expect more showdowns between the White House and the Fed
WHEN Donald Trump is making economic policy, a reprieve is little more than a pause for breath. In February investors cheered when he postponed tariffs on Canada and Mexico; by April he was torching the global trading system. So it is with his latest about-face. On April 22nd the president said he had no plans to sack Jerome Powell, chairman of the Federal Reserve, having spent the week threatening to do just that. Is central-bank independence back? Only until the president’s mood swings again, or a different adviser has his ear.
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This article appeared in the Leaders section of the print edition under the headline “Recession and succession ”
From the April 26th 2025 edition
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