Anyone remember when the Federal Reserve Board was supposed to be politically independent? Well, never mind.

Powell’s rant yesterday against Trump and tariffs warning of “higher inflation and lower growth” sent the Dow tumbling by more than 500 points. This was arguably the most partisan tantrum by a Fed chair in modern times – attacking a new president’s policies so aggressively and adding to market turmoil when the Fed’s job is to calm markets. Instead he screamed “Fire” in a crowded movie theater.

We are not fans of many of Trump’s tariff strategies. But the idea that inflation is raging out of control is counterfactual.  So far commodity prices are LOWER than they were when Trump entered office and the latest inflation report showed consumer prices coming down.

Does anyone recall these apocalyptic predictions when Biden was adding $5 trillion to the debt and inflation skyrocketed to 9.1%? We don’t.

Trump now has good reason to fire Powell for cause – immediately.