President Donald Trump is expected to use the remaining months of Jerome Powell's chairmanship of the Federal Reserve to apply pressure and humiliate Powell, according to Scott Jennings. Trump and Powell recently clashed over renovation costs at the Fed's headquarters. Jennings noted Trump might not fire Powell but is planning on making him miserable, suggesting Powell deserves this treatment for not lowering interest rates. Jennings remarked on the mistakes made in appointing Powell, as Trump's term includes the opportunity to appoint a new Fed chair.
Trump's strategy of applying pressure on Powell may not result in the lower interest rates he desires, but Jennings believes he will attempt to humiliate Powell.
Trump will not fire Powell despite the possibility of appointing a new Federal Reserve chair in eight months, intending instead to make Powell miserable.
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