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Timeline: Powell Signals Rate Cut, Trump Seeks Fed Control
BlockBeats News, September 4th: After Powell signaled a rate cut on August 22nd, Trump sought to control the Fed with the following timeline:
Powell's Attitude Shift:
On August 22nd, Powell, at the Jackson Hole Symposium, cited a "shift in risk balance" as a reason for the "rate cut signal," raising the probability of a rate cut from 75% to about 90% in September.
Fed Governor Cunliffe Dismissed:
On August 22nd, the same day as Powell's speech, Trump once again threatened to fire Fed Governor Cunliffe.
On August 26th, Trump dismissed Fed Governor Cunliffe, effective immediately. Cunliffe responded hours later, stating there was no reason for dismissal and that he would not resign.
On August 27th, a Fed spokesperson stated that Cunliffe remains a Fed governor and can participate in rate decisions until a ruling is made.
On August 28th, Cunliffe sued Trump for removing him from his Fed governor position.
On August 30th, a judge did not make a ruling on the case and requested both parties to submit further court documents.
Trump Seeks to Control the Fed:
On August 27th, Trump stated that he would soon have a majority at the Fed and might move Cunliffe to another Fed position with a longer term. Cunliffe was previously only an "interim" governor.
On August 27th, according to foreign media reports, the Trump administration has intensified its review of the selection process for regional Fed presidents, extending its influence over the regional Feds that impact the Fed.
Pending Events This Week:
The U.S. Senate Banking Committee will hold a confirmation hearing on Thursday morning for Trump's nominated Fed governor candidate, Cunliffe.
The Director of the U.S. Federal Housing Finance Agency, Calvert, will provide the latest information on Fed Governor Cunliffe's mortgage fraud case at 10 p.m. Beijing time on Thursday. (FX168)
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