Powell recebe intimação da Justiça, Trump aumenta a pressão para baixar os juros

Summary

Fernando Ulrich analyzes the DOJ subpoena against Fed Chair Jay Powell and the political pressure from the Trump administration, framing it as an attack on Fed independence. He reviews the defense of the Fed by former officials and economists, Scott Bessent's critiques of Fed policy, and the market reaction. Ulrich concludes that the episode is part of Trump's broader plan for lower interest rates and a weaker dollar, which has been reflected in a falling dollar index and rising gold, silver, and Bitcoin.

• Powell disclosed a DOJ criminal subpoena related to the Fed building renovation and linked it to political pressure over interest rates.
• Former Fed chairs and prominent economists signed a statement warning that the inquiry is an unprecedented attack on Fed independence.
• Scott Bessent's critiques of the Fed include unconventional policy overuse, mission creep, institutional bloat, self-politicization, and inequality effects.
• Ulrich says Bessent has floated a future flexible inflation target band after inflation converges, though not immediately.
• Market reaction included a sharp drop in the dollar index, record-high gold, a strong silver rally, and a Bitcoin rebound.
• Ulrich interprets this as evidence that Trump and Bessent want lower rates and a weaker dollar while preserving dollar supremacy.
• Ulrich's personal view is that central banks are a theoretical and practical error, but if they exist they should be insulated from politics.