Central Banks

Powell Attempts Balancing Act as Trump Tests Fed’s Autonomy

Jerome Powell, chair of the US Federal ReservePhotographer: Al Drago/Bloomberg

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By Craig Torres

April 23, 2025 at 2:04 PM EDT

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Donald Trump’s second term has begun with a renewed determination to curb the Federal Reserve’s treasured autonomy. Jerome Powell’s response so far: trying to draw a sharp line around monetary policy independence, even if it means appearing to give ground elsewhere.