Even if they are been chosen by the US president their duty is not to serve their personal interest.
FED duty is to serve the interest of economy in their country and President is out of scope of any administration.
But somehow we cannot deny that their our corrupt officials out there have debt of gratitude towards their appointments gotten from the President. So hopefully the chosen official have right or solid principles and cannot be controlled by anyone.
Will you stop repeating this average person shit? The FED has not been independent for a longer than you have been alive. The first consideration is always political and a power play, economy is secondary. Thinking that Powell has the economy in his heart, how stupid one must be. FED duty is to serve the interest of economy in their country and President is out of scope of any administration.
But somehow we cannot deny that their our corrupt officials out there have debt of gratitude towards their appointments gotten from the President. So hopefully the chosen official have right or solid principles and cannot be controlled by anyone.
That option that the US president has to remove the Fed chair is limited, which means that a man like Trump – if there was much for him to do in his power – could have replaced Jerome Powell long ago instead of badmouthing him long ago, as that one is not on the same economic path. By law, Trump can only take action against him if he has done anything based on his own personal interest or is not effective on duty.
Wrong, another post by someone who does not live in the US or understand its law. Trump can remove Powell by tomorrow. This would cause a short term negative market reaction, which he does not want. That is the only reason why he does not do it. It has nothing to do with his ability to do it, he has the power to do it. Has anyone correlated this with the historical data that people have? Like past rate cut cycles and their effects, such as the 2008 crisis or those in the 1970s? The long-term impact on the economy could be devastating, and, as others have noted, it could trigger a market crash. I agree that it's better to have something to diversify into, like Bitcoin.
Nobody in this thread has any data on anything tbh.