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Trump’s attacks on Powell may threaten the Fed’s independence. Here’s why it matters.

Most economists worry that an assault on the Fed’s long-standing independence from politics would further disrupt markets and add to the uncertainty enveloping the economy.

Chair of the Board of Governors of the Federal Reserve System Jerome Powell speaks during an event hosted by the Economic Club of Chicago, Wednesday, April 16, 2025, in Chicago.
Chair of the Board of Governors of the Federal Reserve System Jerome Powell speaks during an event hosted by the Economic Club of Chicago, Wednesday, April 16, 2025, in Chicago.Read moreErin Hooley / AP