If ever there was a case of political miscalculation, it's the collapsing relationship between President Trump and the chair of the Federal Reserve Board, Jerome H. “Jay” Powell.
Trump seems to have believed that he could easily manipulate Powell into embracing an aggressively easy monetary policy whose main objective was Trump's reelection. For his part, Powell seems to have believed that, although Trump would periodically challenge the Fed's behavior, he would fundamentally respect its “independence.”
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