Donald Trump & Fed independence: Elon Musk supports presidential intervention in monetary policy

The Federal Reserve has a double mandate: price stability and job market health. It tries to achieve both via monetary policy, chiefly benchmark interest rate levels and bond purchases. Current chair Jerome Powell was appointed by then-President Donald Trump, who later took to blaming the Fed chief as the Covid pandemic hit the US stock market. Trump now seems to be setting the stage for inserting himself into Fed decisions – garnering support from his party and Elon Musk. Story by Bryan Quinn.