Overview

• At the Sintra forum, global central bankers gave Fed Chair Jerome Powell a standing ovation and praised his defense of central bank autonomy.
• Powell formally ruled out a rate cut at July’s meeting, saying he must first assess how US tariffs influence inflation.
• He emphasized that safeguarding price stability as a public good requires freedom from political pressure.
• President Trump has escalated personal attacks, calling Powell “Mr. Too Late” and threatening to remove him if rates aren’t lowered.
• Sources report Trump may name a successor this autumn in an effort to weaken Powell’s tenure and reward sympathetic Fed members.