A Fed That Fights Back Threatens Trump’s Takeover Plan

Chair Jerome Powell, who’s largely turned the other cheek to years of President Donald Trump’s barbs, came out fighting after the Fed got served subpoenas hinting at criminal charges. For the first time, he explicitly accused the president of attempting a power grab. What’s at stake, Powell said, is whether interest rates will be based on “political pressure or intimidation” instead of the US economy’s needs. Michael Townsend, Managing Director of Legislative and Regulatory Affairs at Schwab, joins Bloomberg Businessweek Daily to discuss. He also weighs in on the Supreme Court not ruling on President Trump’s tariffs Wednesday, how Trump’s new world order is impacting international and business norms, and more. Townsend speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)