In this episode, Mattie gives you fast context on why the Trump administration’s move to launch a criminal inquiry tied to renovations at the Federal Reserve is less about construction costs and more about pressure on interest rates. At the center of the story is Jerome Powell, the independence of the Federal Reserve, and a White House increasingly frustrated with monetary policy it cannot directly control.

The episode explains why central bank independence is critical for market confidence, inflation expectations, and long-term economic stability, and why even the perception of political interference can raise borrowing costs and increase volatility. Mattie also unpacks the significance of the upcoming case at the Supreme Court of the United States over whether a president can remove a Federal Reserve governor, arguing that the timing of this pressure campaign suggests concern inside the White House about losing that legal fight. All in less than 10 minutes!

Looking ahead, the episode explores what happens when Powell’s term as chair ends in June, why installing a more “hardline” pick may actually make it harder for the president to get lower rates, and how the Fed’s consensus-driven structure limits any single individual’s power. The key takeaway: publicly bullying the Fed doesn’t increase presidential influence over monetary policy. It weakens it.

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