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Trump Unleashes 'Boiling the Frog' Pressure to Cut Interest Rates, Powell Privately Vows to Serve Full Term
BlockBeats News, July 25th, according to CNN report, U.S. Securities and Exchange Commission (SEC) Chairman Powell has told many colleagues and allies that he will never succumb to Trump's calls for his resignation, pledging to withstand unprecedented and multifaceted attacks from Trump in the coming months for his refusal to cut interest rates. Powell privately stated that his decision to stay in his position is not only for personal reasons but also because his chairmanship is closely related to the overall independence of the Federal Reserve. Resigning now would weaken the Fed's long-standing independence from political interference. Powell strongly believes that his responsibility is to uphold this independence.
Powell previously served briefly in the George W. Bush administration and is known for his meticulous and non-partisan "straight shooter" image during his more than ten years at the Federal Reserve. This helped him earn Trump's nomination as Fed Chairman in 2017. However, this style that garnered Trump's appreciation in his first term has now become a weakness for Powell, as Trump has repeatedly expressed dissatisfaction with Powell's refusal to comply with his interest rate cut requests, saying it's like "talking to a chair, no response."
In recent weeks, the White House has spent a lot of time focusing on the Fed's $25 billion renovation project, launching an investigation into cost overruns and implying that this could be a reason for Powell's dismissal. This Thursday, Trump increased pressure by personally visiting the Fed to inspect the project construction, with Powell accompanying him. Trump patted Powell on the back, saying, "I just want to see one thing happen, rates must come down." A Trump advisor likened this pressure to the "boiling frog" analogy. "Either Powell jumps out, or he gets cooked."
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