CNBC's "Fast Money"

The Feud For The Fed… And How It’s Hitting The Bond Market 7/16/25

Jul 16, 2025
Steve Liesman, CNBC's Senior Economics Reporter, dives into the escalating feud between President Trump and Fed Chair Jerome Powell and its impact on the bond market. He discusses how political pressures are shaping interest rates and risks tied to monetary policy independence. The conversation also touches on the mixed earnings report from United Airlines and the implications for the airline industry. Steve shares insights on tech earnings expectations, especially with AI's influence, and the rising importance of cryptocurrency as a hedge against fiat devaluation.
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INSIGHT

Unprecedented Fed Chair Threats

  • President Trump's public threats to fire Fed Chair Powell are unprecedented and create instability.
  • Such political interference risks undermining the Federal Reserve's independence and economic stability.
INSIGHT

Risks of Undermining Fed Independence

  • Firing Fed Chair Powell could raise long-term interest rates and inflation expectations.
  • Independent monetary policy leads to better inflation control and economic outcomes.
INSIGHT

The Political Yet Independent Fed Chair

  • Fed Chairs are political appointees but operate independently to balance multiple views.
  • Political attacks undermine this balance and the Fed’s ability to manage inflation and employment.
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