Part 3/12:
Despite the overt political interference, Powell emphasized that the Fed’s decisions would remain data-driven. He famously stated, “We will never deviate from that approach,” earning a rare standing ovation. However, the reality is complicated by the fact that Trump and political figures continue to exert influence—evidenced by Trump’s threats in D.C. to fire Fed Governor Lisa Cook over unrelated personal issues. This political noise underscores a concerning trend toward authoritarian tendencies, with attempts to sway monetary policy for electoral gains increasingly evident.