Lagarde warns that Trump's intervention in the Federal Reserve could endanger the global economy
European Central Bank President Christine Lagarde issued a warning on Monday, stating that if U.S. President Trump attempts to remove Federal Reserve Chairman Jerome Powell or Governor Lisa Cook, it would pose "a significant threat to both the U.S. and global economies." In recent years, Trump has continuously criticized Powell for not cutting interest rates and has repeatedly threatened to dismiss him. He is currently also pushing for the removal of Cook.
Lagarde emphasized: "If U.S. monetary policy loses its independence and instead succumbs to the will of a particular individual, given the spillover effects as the world's largest economy, such an imbalance could trigger profound concerns and ultimately jeopardize the global economic landscape."
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