TechFlow news, July 12 — According to Jinshi Data, the White House is pressuring Powell over the renovation of the Federal Reserve's headquarters building. Nick Timiraos, known as the "Fed whisperer," noted in an article that Fed researchers say the latest developments could, at best, be seen as a transparent attempt to open a new front of pressure on the Fed, but at worst represent a dangerous step toward creating a legal justification for Powell’s removal. "We are at a pivotal moment in the history of the Federal Reserve," said Peter Conti-Brown, a scholar studying the Fed at the University of Pennsylvania. "It's clear to me that the Trump administration is now using various mechanisms to construct a post hoc rationale for Powell’s dismissal." Investors are paying attention because removing a Fed chair for political reasons would break long-standing norms underpinning global confidence in the dollar. "If President Trump and his allies launch this kind of attack on the Fed, they will bring serious instability to nearly every aspect of the global economy," Conti-Brown said.
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