By Bardil 
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Senator ELIZABETH WARREN of Massachusetts has issued a stark warning, stating that the U.S. markets could face a catastrophic meltdown if Federal Reserve Chair JEROME POWELL is removed from his position due to pressure from former President DONALD TRUMP.
In a recent interview on CNBC’s Squawk Box, Senator Warren emphasized the potential economic fallout if TRUMP manages to force POWELL out of office:
“If Chairman Powell can be fired by the president of the United States, it would crash the markets in the United States. The infrastructure that keeps this stock market strong—therefore a big part of our economy strong, and consequently a significant portion of the global economy strong—is the idea that the major economic players operate independently of politics. We rely on individuals making decisions based on sound economic principles rather than political pressures.”
“If the New York Stock Exchange or U.S. interest rates become subject to the whims of a president who simply waves a magic wand, we lose the distinction between the U.S. and other nations where economic decisions are dictated by autocrats. This is why it is crucial to strengthen our economic infrastructure.”
Recent reports from Reuters indicate that TRUMP is exploring the possibility of removing POWELL, who has served as Fed Chair since 2018 and was initially appointed by TRUMP during his first term. Despite this appointment, the relationship between the two has soured due to disagreements over interest rate policies. TRUMP has advocated for immediate rate cuts, while POWELL has maintained a patient approach, keeping rates steady.
Sources: CNBC, Reuters
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