, Columnist
The Fed’s Under Siege. It’ll Be Just Fine
Jerome Powell, not Donald Trump, is in control of monetary policy.
Credibility matters.
Photographer: Chip Somodevilla/Getty Images North AmericaIn the media, the US Federal Reserve is under siege. President Donald Trump constantly threatens to fire Chair Jerome Powell. Others hurl criticism in hopes of becoming Powell’s successor. Two Fed governors opposed last week’s decision to hold interest rates steady, the first multiple dissent since 1993.
Don’t be fooled by the drama. In terms of how the Fed manages the economy, it’s mostly a tempest in a teapot.