Jay Powell’s speech at the Federal Reserve’s August summit in Jackson Hole, Wyoming, is always a high-stakes moment. This year, the central bank’s chair takes the podium under fire — facing fierce attacks from Donald Trump and a growing insurgency within his own institution.
Trump has engaged in a months-long assault on Powell, calling him a “stubborn mule” and “numbskull” for refusing to cut borrowing costs this year over concerns that the president’s tariffs will inflame inflation.
Now, almost six months ahead of schedule, Trump has been gifted a chance to sow more discord within the Federal Open Market Committee by picking a loyalist to fill an empty seat on the Fed’s board.
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