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Core Viewpoint - The ongoing conflict between President Trump and Federal Reserve Chairman Powell highlights a significant challenge to the independence of the Federal Reserve and raises concerns about the stability of the U.S. dollar as the world's reserve currency [7][29][31]. Group 1: Pressure on Powell - Trump has repeatedly criticized Powell, referring to him with derogatory nicknames, indicating a personal vendetta against the Fed Chairman [3][17]. - The pressure from Trump for interest rate cuts has been met with resistance from Powell, who cites inflation uncertainties due to tariffs and a strong labor market as reasons for not lowering rates [3][16]. - The internal division within the White House regarding Powell's position is evident, with Treasury Secretary Mnuchin advising against firing Powell due to potential severe economic and political repercussions [5][22]. Group 2: Renovation Controversy - The renovation of the Federal Reserve's headquarters, costing nearly $2.5 billion, has become a focal point for Trump's criticism, with accusations of wasteful spending [10][12]. - Powell has defended the renovation as necessary for safety and structural integrity, attributing cost increases to post-pandemic material price surges [12][14]. - Trump's use of the renovation as a pretext for potentially dismissing Powell underscores the personal nature of the conflict [12][31]. Group 3: Economic Implications - Trump's demand for significant interest rate cuts, exceeding 3 percentage points, is driven by the desire to reduce interest expenses on the national debt, which could be used for tax cuts and infrastructure projects [14][31]. - Powell's reluctance to cut rates stems from concerns about reigniting inflation, which he has been combating amid the highest inflation rates in 40 years [16][29]. - The potential dismissal of Powell could undermine the perceived independence of the Federal Reserve, leading to broader implications for market stability and investor confidence in the U.S. dollar [20][31]. Group 4: Internal Fed Dynamics - The Federal Reserve is experiencing internal divisions regarding the timing of interest rate cuts, with differing views among members on the impact of tariffs and inflation [24][26]. - The ongoing discussions about the next Fed Chair indicate a power struggle that could influence future monetary policy directions [26][29]. - The conflict between Trump and Powell transcends personal disputes, touching on the fundamental principles of the U.S. economic system and the long-standing independence of the Federal Reserve [29][31].