Part 4/9:
When discussing whether Powell might cave to market pressures, Grandich points to Powell's recent comments acknowledging serious issues, such as Medicare and Social Security. While he believes Powell will eventually act if the market faces a stark downturn, he adds that the Fed's power has diminished, particularly after the disastrous handling of the term "transitory." He even goes so far as to speculate that Trump could potentially replace Powell, further complicating the Fed's independence in monetary policy.