UBS On-Air: Paul Donovan Daily Audio 'Independence Day'
UBS On-Air: Market Moves · Podcast owner
July 25, 20253m 1s
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Show Notes
From time to time, these comments might have given the impression of dissatisfaction with Federal Reserve Chair Powell. While one can (very) credibly disagree with Powell’s policies, those policies are independent. Yesterday, Powell defended that independence, publicly correcting US President Trump’s errors about the Fed’s building projects. Powell suggested that Trump’s trade tax policy was behind some cost overruns (a subtle reminder that US consumers pay tariffs, not foreign exporters).