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What could possibly bring Elizabeth Warren and Donald Trump onto the same page? The answer: the Federal Reserve. Discover how two political rivals from opposite sides of the spectrum find unexpected common ground when it comes to Fed policy — and why it matters for the future of the U.S. economy.

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01:50Myron's confirmation comes as President Trump is trying to fill the central bank
01:55with members who are in favor of lower interest rates
01:58and the president tried to remove Fed Governor Lisa Cook.
02:02An appeals court rejected that last night
02:04and the president is expected to appeal that to the Supreme Court.
02:08If the high court were to uphold the president's firing,
02:13is there a place for you for Congress to step in and amend the Federal Reserve Act
02:18to create a narrower definition of for cause
02:21for when a president would want to remove a member of Fed?
02:24If the Supreme Court follows the law, then Lisa Cook will keep her job.
02:29If they don't follow the law, certainly Congress could change the law.
02:32The problem is that right now, the Republicans do whatever it is that Donald Trump wants.
02:39If I can, Jennifer, let me just pick on one point in the way you described what happened here.
02:45It's not that Donald Trump wants people who will lower interest rates.
02:48He wants people who will do whatever he wants them to do.
02:54Right now, that is lower interest rates.
02:56Maybe that would be his answer forever.
02:58But the real point is not an economic policy point.
03:02It's a power point.
03:04Donald Trump wants to control everything.
03:06And when he is making his own political decisions, ultimately, that will undermine prices.
03:15It will undermine the efforts to keep inflation under control.
03:19And that will undermine the economic health of our country.
03:23To your point, the Federal Reserve is set to make a policy decision tomorrow,
03:28widely expected to lower its benchmark industry by 25 basis points.
03:32The central bank is grappling with sticky inflation.
03:35It's running about a full percentage above the Fed's 2% target.
03:39At the same time, the job market has weakened over the last three months.
03:43You said the Fed needs to make tough decisions, and this is one of those moments.
03:48What would you like to see the Fed do right now?
03:51Are you in favor of a rate cut?
03:53So, look, I've argued for two years now that I want the Fed to cut rates.
03:57I thought that inflation was well under control, headed in the right direction,
04:01and the Fed could bring down the interest rates.
04:06The problem now is that Donald Trump's chaos has so weakened the economy
04:13that we're watching the first signs of stagflation,
04:17and that is that inflation is tilting up and unemployment is tilting up simultaneously.
04:24The Fed, of course, only has one tool, and it uses it differently.
04:28If inflation is going up, it raises interest rates.
04:32If unemployment is going up, it lowers interest rates.
04:35And this is the box that Donald Trump has created.
04:39You know, I think there's something important to underline here,
04:42and that is the chairman of the Federal Reserve said last month
04:45that the Fed would have lowered interest rates last February
04:51if only Donald Trump had not created so much economic chaos.
04:57So the way I see this is one person right now is responsible
05:03for the high costs at the higher interest rates
05:08and for the increasing problems that we're seeing in the employment market,
05:13and that one person is Donald Trump.
05:15But should we anticipate, do you think the rate cut is the right thing to do here,
05:19given what's going on on the inflation front, given your concerns?
05:22I think that Donald Trump and the chaos in this economy are backing the Fed into a box.
05:28I am really worried now about those unemployment numbers.
05:32I still want to see the Fed cut interest rates.
05:34But it would have been so much better to cut them
05:37when we had a strong economy and strong employment.
05:40The president has said that he has narrowed down his pick for the next Federal Reserve chair
05:45to three candidates, including former Fed Governor Kevin Warsh,
05:49current Fed Governor Chris Waller,
05:51and the director of his National Economic Council, Kevin Hassett.
05:55If nominated, would you support any of those gentlemen?
05:58Look, I'm going to ask the same tough questions.
06:00Are you really independent?
06:02Can you actually answer the question,
06:05did Donald Trump lose the 2020 election?
06:07Do you have enough independence to stand up
06:11for what you believe is right on economic policy?
06:15Or are you just going to be one more person
06:17who does whatever it is the great Donald Trump wants?
06:20And the reason that is so undermining
06:23is it's not whether or not Donald Trump is right or wrong.
06:26It's that we will have lost, under Donald Trump's efforts,
06:30all of the independence of the Fed.
06:32And that undercuts confidence.
06:34Confidence that, in fact, we will have a Fed that will be harsh on inflation.
06:39Confidence around the world that people say,
06:43we can count on independent economic decisions
06:45from the United States of America.
06:47You lose that confidence, prices go up for everybody.
06:51Switching gears, Senator,
06:52President Trump has said that he believes
06:55we should scale back quarterly earnings reports
06:57to twice a year because it would cut down costs
07:00and would allow management to focus
07:02on longer-term business objectives.
07:04SEC Chair Paul Atkins has said in a statement
07:07that he is going to prioritize this.
07:10What do you make of this?
07:12Does this hurt transparency for investors
07:15who are investing in publicly traded companies?
07:17And if the SEC were to pass this,
07:20would you step in to block it?
07:21So, yes, it undermines transparency.
07:24That is the whole point here.
07:27Investors do not need to see less information
07:31about the companies that they are investing in.
07:34After all, those companies are using investors' money.
07:37But this is the standard Donald Trump trick.
07:40And that is, if you don't like the numbers,
07:43then try to get them out of sight.
07:45And that's what he's trying to do.
07:46What did he do when he didn't like the employment numbers?
07:49He fired the head of the Bureau of Labor Statistics.
07:53Evidently, he did not understand.
07:54That would not stop the reporting of labor numbers,
07:57nor did that person have control over those numbers.
08:00But it's the same kind of thing here.
08:02Donald Trump does not want real numbers reported
08:06in any of the economic areas
08:09because he knows he's in trouble on the economy.
08:13And remember, this is a president who ran
08:15promising to lower costs on day one.
08:18And that is entirely turned upside down.
08:21Costs are up, up, up.
08:22And this economy is weakening day by day
08:25with Trump at the helm.
08:26Really quick, Senator, before I let you go,
08:29Paramount Skydance now making a bid for Warner Brothers.
08:32You're worried about a concentration of power there?
08:35Yeah, just too much, okay?
08:38Too much in the same industry.
08:40And understand who really gets hurt here.
08:43It's the other competitors,
08:45but it's also every customer.
08:47Every customer who's only got one place to go
08:49because what have we learned in every industry?
08:52When you end up with more concentration,
08:55prices go up, that hurts the customer.
08:57Customer service goes down,
09:00innovation goes down,
09:02and other businesses end up withering often and dying.
09:07Look, I believe in markets.
09:09But for markets to produce their magic,
09:11there's got to be competition, not concentration.
09:15Senator, thank you so much for your insight,
09:17especially at this critical time.
09:18So appreciate it.
09:18Thank you for having me.
09:19I appreciate it.
09:20Hope to have you back soon.
09:21You bet.
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