How Trump’s attacks on Powell could threaten the Fed’s future

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• 00:04

  Good morning. It's Thursday, July 17th.

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  I'm Shemita Basu.

• 00:09

  This is Apple News Today.

• 00:11

  On today's show, the Senate voted to approve big cuts to public media.

• 00:15

  What that could mean for small broadcasters.

• 00:18

  Why it's taking so long to rebuild after the wildfires in LA.

• 00:23

  And Trump lashes out at his base over Epstein.

• 00:33

  But first,

• 00:34

  to Trump's latest attempt to fire Federal Reserve Chair Jerome Powell and what his ongoing efforts to do so could mean for the future of the Fed.

• 00:43

  The president spent the last 48 hours flip-flopping on threats to remove Powell from his position,

• 00:48

  which triggered a brief market sell-off.

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  Trump first told GOP lawmakers Tuesday that he was considering it and asked for their opinions.

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  Then he reversed course Wednesday, saying it was highly unlikely.

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  Now, it's worth noting presidents have the power to appoint chairs to the Federal Reserve.

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  In fact, it was Trump who originally appointed Powell back in his first term.

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  But legal experts say presidents do not have the power to fire Fed chairs unless they have reasonable cause,

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  which the Supreme Court recently underscored in a ruling this May.

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  Still, for years now, dating back to his first term,

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  Trump has made repeated threats to fire or remove Powell over interest rate decisions.

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  All year, the Fed has held interest rates steady,

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