Powell Pushes Back: Fed Independence Tested by Trump

Fed Chair Jerome Powell finally pushes back against the Trump White House, alleging a DOJ probe is pressuring him on interest-rate decisions. A bipartisan defense of Fed independence followed from former Fed chairs and Treasury officials, while Sen. Tillis signaled he’ll oppose any Fed nominees until the legal matter is resolved. The episode coincides with growing public and corporate pushback to Trump’s tactics, including a tech-industry letter urging a break from immigration enforcement, as the midterms approach and Republicans reassess their stance toward the central bank. Powell’s move underscores that standing up to political pressure can reshape the dynamic between the Fed and the White House.