Jerome Powell, Wall Street’s go-to “money printer,” may be approaching the end of his era. In the wake of Trump’s victory, the Fed’s independence feels especially vulnerable, with the president-elect already signaling his desire for greater control — potentially derailing anticipated rate cuts.

• Ideally, an independent central bank without political interference best serves Americans’ interests, enabling fact-based decision-making — but Trump wants a “say” in rates, aiming to align them with White House objectives.
• During his fierce first term, Trump repeatedly pushed for rate cuts despite Powell’s resistance, and some experts speculate Powell may now resign early. The upcoming reappointments give Republicans a chance to reshape the Fed’s decision-making approach.

Rate wars, part II: As the Fed kicks off its two-day meeting, the election outcome may already reshape anticipated rate cuts. While the Fed aims to bring inflation down to its 2% target, Trump’s proposed policies — including tariffs, tax cuts, and deportations — could drive inflation higher. Markets currently expect a 0.25% cut on Thursday with another of an equal magnitude in December, but some economists suggest the Fed may now move more cautiously, buying time to assess how policies translate into actual economic pressures — that is, if Trump allows them to proceed at their own pace this time around.