That was swiftly followed by news that the Justice Department was investigating Federal Reserve Chair Jerome Powell for misleading Congress about the cost of a renovation project—a move that seems like the most blatant yet by the administration to compel Powell to lower interest rates in accordance with Trump's wishes or resign his post. The Federal Reserve hiked interest rates to combat higher inflation earlier this decade, and inflation has yet to return to the 2 percent annualized rate that the central bank views as its goal. The result was a weakening of the dollar and a period of "stagflation" that lingered through the rest of the decade.
Author: Eric Boehm
Published at: 2026-01-12 21:39:49
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