The Wall Street Journal

Trump Is Laying the Groundwork to Blame Powell for Any Downturn

Central bank’s legitimacy at risk as president attacks Fed for cutting rates before election but not now

President Trump and Fed Chair Jerome Powell in 2017
President Trump and Fed Chair Jerome Powell in 2017 Photo: Andrew Harrer/Bloomberg News

President Trump is signaling that he will blame the Federal Reserve for any economic weakness that results from his trade war if the central bank doesn’t cut interest rates soon.

In the process, he might also be seeking to delegitimize the historically independent institution in a way that could undermine its effectiveness.

WSJ Logo