Trump threatens to fire Fed chair Powell if he doesn't leave in May

Former President Trump threatens to fire Federal Reserve Chair Jerome Powell, escalating a long-running feud and challenging central bank independence. | Contesto: cronaca

Punti chiave

• Trump threatens to fire Fed chair Powell if he doesn't leave in May

Contesto

Former President Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell if Powell does not leave his post in May, marking the latest and most direct escalation in a years-long public feud between the two men. The threat, issued by the presumptive Republican presidential nominee, directly challenges the long-standing tradition of central bank independence from political pressure. The public conflict between Trump and Powell dates back to Trump's first term in office, when he appointed Powell to the Fed chairmanship in 2018. The relationship soured rapidly as the Fed, under Powell's leadership, continued to raise interest rates—a move Trump publicly and repeatedly criticized as detrimental to economic growth. Trump has frequently labeled Powell an "enemy" and accused him of harming the economy, creating an unprecedented level of public tension between a sitting president and a Fed chair of his own choosing. This latest threat carries profound implications for the institutional norms governing the U.S. Federal Reserve. Since its creation, the Fed has operated under a principle of independence, designed to allow it to make monetary policy decisions—such as setting interest rates—based on economic data rather than short-term political considerations. Direct threats of removal over policy disagreements are viewed by economists and legal scholars as a fundamental assault on that firewall, potentially undermining market confidence in the apolitical management of the nation's currency and credit. The legal authority for a president to remove a Fed chair is a complex and largely untested area. While the Federal Reserve Act states that governors may be removed "for cause," the definition of that term has never been clearly established by the courts in this context. A policy dispute, such as disagreement over interest rate levels, is widely considered by legal experts to fall far short of constituting "cause," setting the stage for a potentially historic constitutional and legal battle should such a dismissal be attempted. Financial markets, which rely on predictable and stable monetary policy, are likely to view the threat with deep concern. Uncertainty...

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Categoria: cronaca