The Economist.
Back in January, Jerome Powell revealed that the Department of Justice was targeting the Federal Reserve.
The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment
of what will serve the public rather than following the preferences of the president.
It was just the latest twist in Donald Trump's ongoing fight with the Fed.
Powell's term as chair ends this week.
And Trump's pick for the new Fed chair, Kevin Walsh, has now been confirmed.
I think Kevin Walsh is going to be great.
Interest rates should be much lower than they are right now.
And you think they will go lower later this year?
When Kevin gets in, I know you.
Walsh is coming into the Fed promising regime change.
Status quo practices and policies are especially harmful when the world is changing this fast.
I believe a reform-oriented Fed can make a real difference to the American people.
And if confirmed, I will seek to create an environment in which the best people do their best work.
But is this reform or an attempt to Trumpify the Federal Reserve?
At Walsh's confirmation hearing, Democrat Senator Elizabeth Warren challenged him.
Let's check out your independence and your courage.
We'll start easy.
Mr. Walsh, did Donald Trump lose the 2020 election?