President Trump is toeing an economic red line that few before him have dared even consider crossing.Why it matters: The mere possibility that Trump could erode the Federal Reserve’s independence has been enough to unnerve investors and tank the stock market.Trump risks plunging the global financial system into crisis if that threat becomes a reality and he attempts to remove Fed chair Jerome Powell or undermine his authority.Driving the news: Trump demanded “major loser” Powell preemptively cut interest rates “NOW,” in a post on Truth Social on Monday.Last week Trump said Powell’s “termination cannot come fast enough;” his top economic advisor Kevin Hassett also told reporters the White House was investigating whether firing the Fed chair was an option.Late Monday…
Traders work on the floor at the New York Stock Exchange (NYSE), on the day of Circle Internet Group's IPO, in New York City, U.S., June 5, 2025....
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