Behind the Money Swamp Notes: Trump’s next 100 days
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May 28, 2025 
Katie Martin is a Markets columnist and co-host of the FT's Unhedged podcast, while Chris Giles is known for his insights on central banking as an author and economist for the FT. They dive into the potential impacts of Trump's next moves and the uncertainty surrounding upcoming tariffs. The discussion touches on market reactions and the mixed perceptions between US and foreign investors. They also examine how inflation could shape voter sentiment leading up to the midterms, uncovering the political consequences of economic instability.
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Unexpected Chaos Under Trump
- The initial months of Trump's second term were unexpectedly chaotic and unpredictable.
- Investors and observers felt like they were stumbling into one crisis after another without clear direction.
Trump Administration Power Struggles
- Trump's administration operates like a medieval court with power battles rather than checks and balances.
- Congress has been surprisingly ineffective and quiet amid this power struggle.
Weak Protections for Fed Officials
- Constitutional protections for Fed officials and similar appointees are weaker than assumed.
- Supreme Court decisions may empower the president to dismiss officials more easily, affecting Fed Chair Jay Powell’s position.