Trump wanted a more flexible Federal Reserve, but his pressure campaign may have done the opposite.
By openly attacking Jerome Powell and trying to shape rate policy, Trump has raised serious concerns about Fed independence. That’s pushing markets and institutions to rally behind stability, which could leave Powell influential even beyond the end of his term.
At the same time, Stephen Miran, seen as Trump’s strongest ally on monetary policy, may step away from his White House role. If that happens, Trump loses a key voice instead of gaining control.
Bottom line:
Political pressure on the Fed often backfires. Markets value credibility over loyalty, and stability over short-term wins.