<p>-
- Powell Won't Give Trump What He Wants</p>
<p>Douglas A. McIntyreJuly 21, 2025 at 12:23 AM</p>
<p>Key Points -</p>
<p>Donald Trump is publicly pressuring Fed Chair Jerome Powell to cut interest rates sooner, while exploring controversial arguments—including costly Federal Reserve renovations—as potential grounds for dismissal.</p>
<p>Analysts warn that tariffs set to take effect in August could accelerate inflation, creating a conflict if the Fed lowers rates prematurely and further fueling market volatility.</p>
<p>Forcing Powell out would likely trigger a major market disruption, as it would signal executive interference in monetary policy and undermine the Fed's institutional independence.</p>
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<p>Watch the VideoTranscript:</p>
<p>[00:00:04] Douglas: So Powell, head of the Federal Reserve, Donald Trump is doing everything he can to get the guy out because Donald Trump wants to see interest rates come down faster because he thinks it, you know, it's good for the economy. Obviously, it raises the question of inflation, particularly if tariffs come in. all of a sudden you've got falling interest rates and tariffs and you've got inflation going nuts. Now, President Trump has now come up with, I think his best argument so far is that it's been very expensive to build the new Federal Reserve building and that's Powell's fault, so he should be fired, which.</p>
<p>[00:00:45] Lee Jackson: He, yeah, he is blaming him. But you know, over the weekend, you know, Trump surrogates were out, you know, basically saying, well, you can't fire him unless there is cause and unless they can make the two and a half to $3 billion that has been. Spent or is going to be spent on redoing the Fed, but there's like a visitor center that's going to be built and all this other stuff.</p>
<p>[00:01:12] Lee Jackson: And it, it, it seems, it seems though that he may try to lean that way to say this is, this is a reason to remove him and to be frankly that the president's not wrong. And granted there's a difficult, knight's edge to be balancing on there because they don't know exactly how the tariffs will affect. pricing, but at least so far it doesn't appear to have changed.</p>
<p>[00:01:38] Lee Jackson: You know, the balance of, of where things are gonna cost and every other, every other central bank in the world has already lowered rates and they're much lower across the board than us.</p>
<p>[00:01:52] Douglas: I don't think that Powell was in charge of designing or building the headquarters.</p>
<p>[00:01:57] Lee Jackson: No, I.</p>
<p>[00:01:59] Douglas: It's, it is like, well, let's blame him. It's, I, I don't, I don't think that that works. If I live in an apartment building and it's overpriced, it's like, yeah, you can't really it on me. The other thing is, if your Powell. You do have to ask you, we have not seen the effects for the most part of tariffs. However, the tariffs aren't on yet. I mean, if you really say one, what's the effect of tariffs? I think the answer to that is gonna be talk a month or two after they actually hit the market.</p>
<p>[00:02:29] Lee Jackson: Right, right.</p>
<p>[00:02:30] Douglas: you're gonna have EU tariffs of 25%. Wait until they actually hit, which they're now saying is August 1st. Talk to me on August, you know, at the end of August, and let's see where things</p>
<p>[00:02:43] Lee Jackson: Yeah. Or, September, at the end of the quarter, talk to me.</p>
<p>[00:02:48] Douglas: look, I, I think that right now. Powell may just leave because he doesn't wanna have to suffer this every day, but Trump can't force him out. As a matter of fact, if you said to me, what's the one thing that you could almost be certain would kill the market for a while? It would be if Powell was forced out by Trump.</p>
<p>[00:03:08] Lee Jackson: Ouster. Yeah, I, I think you're right because listen, there's been a string of lousy people running the Fed. You know? I mean, who was the last really good chairman of the Fed?</p>
<p>[00:03:21] Douglas: Kennedy, when he was the</p>
<p>[00:03:23] Douglas: chair, I think in 1933, he was the,</p>
<p>[00:03:25] Lee Jackson: yeah. So something like that far back maybe, but I mean, they've all been dreadful. And the, the, I mean, again, the whole, when you go back to the whole, remember inflation was transitory and then it hit 9.1% and about this time, three years ago. So I, I mean, yeah, they were dealt a difficult hand. But, and oh, in addition to that, also, they have $9 trillion of debt rolling over.</p>
<p>[00:03:56] Douglas: Yeah, let's</p>
<p>[00:03:57] Lee Jackson: You know, and, and that that's one reason to, to lower 'em right there is that, you know, treasury debt will respond immediately to fed funds. So, if there's any reason to lower 'em, that's it. And I, and I get it, I still think they're not gonna lower anything until, lower the rate till September. But with 9 trillion coming due, if you could.</p>
<p>[00:04:19] Lee Jackson: Move somewhere on the curve. Certainly not on the short end. I mean, you'd be better off doing mid to longer maturity debt.</p>
<p>[00:04:29] Douglas: Okay, but if we go back to, When the Fed was founded, the charter of the Fed, I do not believe the president of the United States can replace, it would be a crisis. It</p>
<p>[00:04:40] Lee Jackson: Yeah.</p>
<p>[00:04:41] Douglas: Wall Street would not like it because what it really means is, is that the president has taken over monetary policy</p>
<p>[00:04:48] Lee Jackson: Right, right.</p>
<p>[00:04:50] Douglas: I don't know that they've done such a good job right now, but I am worried about inflation. I am worried about tariffs and inflation. what I would do if I were in anybody's shoes right now, let the tariffs be on for a month</p>
<p>[00:05:06] Lee Jackson: Yep.</p>
<p>[00:05:07] Douglas: question. Then don't ask</p>
<p>[00:05:08] Lee Jackson: Yeah, I, I agree. You know, because you, you don't want to, you know, pull the trigger on some really, it's never been done. I can't, in my lifetime, there's never been a fed chair or I can't remember anybody from the fed, the governor's either being fired,</p>
<p>[00:05:24] Douglas: I don't think you can fire.</p>
<p>[00:05:26] Lee Jackson: I, I don't think you can either.</p>
<p>[00:05:27] Lee Jackson: So let's do this, let's, let's revert to this. Not at the end of August. After, let's wait till the quarter ends, and then we'll see in the third quarter numbers, if it's truly affected not only the economy, but individual businesses.</p>
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<p>The post Powell Won't Give Trump What He Wants appeared first on 24/7 Wall St..</p>
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