BREAKING: The conservative Wall Street Journal stuns MAGA world by RIPPING into Donald Trumρ with a scathing editorial in defense of Federal Reserve Chair Jerome Powell — who Trumρ wants to “TERMINATE” for disobedience.
BREAKING: The conservative Wall Street Journal stuns MAGA world by ripping into Donald Trumρ with a scathing editorial in defense of Federal Reserve Chair Jerome Powell — who Trumρ wants to “terminate” for disobedience.
Even right-wingers are running for the hills now…
“The problem for Mr. Trumρ is that Mr. Powell spoke the truth. The main lesson from Trumρ vs. Powell is that the central bank can’t make up for the economic policy errors of politicians,” the Journal’s editorial board wrote.
They stated that Trumρ’s “tariff war isn’t going well,” causing “market ructions and evidence of a slowing economy” and now he’s demanding that “the Federal Reserve ride to his rescue by cutting interest rates.”
Yesterday, Trumρ had a full-blown meltdown on Truth Social, accusing “Too Late” Jerome Powell of being “always TOO LATE AND WRONG” and smearing his recent report as a “typical, complete mess” before adding that his “termination cannot come fast enough.”
The outburst was prompted by Powell stating that the “level of the tariff increases announced so far is significantly larger than anticipated.”
“We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension,” said Powell.
The Fed is tasked with promoting full employment while managing inflation. The tariffs are raising inflation because the import duties are passed on to consumers and companies are laying of workers to make up for lost profits.
Powell said that the Fed will wait to get a better sense of the impact of the tariffs before taking any action.
In their editorial, The Wall Street Journal supported Powell’s analysis—
“Tariffs are a tax, which means higher prices for tariffed goods. Mr. Trumρ has imposed a minimum tariff on the world of 10%, which is roughly four times the previous average U.S. tariff rate of 2.4%,” they wrote.
They pointed to “mounting evidence” that “household and business uncertainty is mounting” which will in turn suppress the “private investment” that Trumρ needs to “spur growth.”
“Consumer spending could ebb as falling stock prices cause the ‘wealth effect’ underpinning consumer confidence to go into reverse. Many economists think a recession is on the horizon,” they wrote.
They went on to Trumρ’s tariffs as the “biggest assault one the world trading system” since Richard Nixon moved the U.S. dollar off the gold standard.
The editorial ended with an analysis of Trumρ’s desire to fire Powell, a possibly illegal move that would prompt a protracted court battle—
“The President often talks in private of firing the Fed Chairman, who wouldn’t go quietly,” they wrote. “This would tee up a protracted legal fight, with market turmoil to match as investors awaited a Supreme Court ruling on the legality of dismissal.”
“That’s the last fight Mr. Trumρ needs now,” the piece concludes.
