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The Fed zealously guards its ability to make monetary policy decisions free from short-term political pressures, a key feature of its structure. Chairman Jerome Powell, a Trump appointee, has repeatedly emphasized the importance of the central bank’s independence.

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J.P. Morgan’s Marko Kolanovic estimates that President Trump’s tough talk on trade has destroyed $1.25 trillion in market value since March. Trump has for months used his pulpit and economic tariffs to try to effect change in trade deals the administration deems unfair. “If this uncertainty hangs over the market for a more extended period […]

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