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Core Viewpoint - The article discusses the unprecedented power struggle between President Trump and Federal Reserve Chairman Powell, centered around the implications of interest rate cuts on U.S. debt and the potential threat to the dollar's dominance [1][10]. Group 1: Economic Implications - U.S. national debt has surpassed $36 trillion, with a 1% decrease in interest rates potentially saving $360 billion annually in interest payments [1]. - Trump aims for a 3% reduction in interest rates, which could lead to annual savings of up to $1 trillion [1]. - Powell warns that significant rate cuts to manage debt could lead to a repeat of the bank failures seen in 2023, indicating a severe risk to financial stability [1][10]. Group 2: Market Reactions - The climax of the confrontation occurred in July when news of Trump allegedly drafting a letter to dismiss Powell caused significant market turmoil, with the Dow Jones Industrial Average dropping 1.33% and the dollar falling 120 points [3]. - Following Trump's unexpected statement that it was "unlikely" he would fire Powell, markets experienced a V-shaped recovery, highlighting the volatility and sensitivity of financial markets to political developments [3]. Group 3: Internal Fed Dynamics - The power struggle has also affected the Federal Reserve internally, with dovish members like Waller advocating for a rate cut due to perceived risks in the job market, while hawkish members like Williams warn against such actions [7]. - The Consumer Price Index (CPI) inflation data rebounded to 2.7%, complicating the decision-making process regarding interest rates [7]. Group 4: Leadership Changes - Trump is reportedly pursuing a "leadership change" at the Fed, with potential candidates for the new chair including economic advisor Kevin Hassett, current board member Chris Waller, former board member Kevin Warsh, and Treasury Secretary Mnuchin [8]. - If a new chair is appointed, Powell's influence over policy decisions could be significantly diminished, leading to concerns about the independence of the Federal Reserve [8].