E C O N O M I C S
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BloombergBusinessweek July22, 2019
Edited by
Cristina Lindblad
● The president’s tweets are
just a nuisance compared with
his push to pack the central
bank with partisans
For a full year, Powell has been on the receiv-
ing end of an unprecedented barrage of abuse
from President Donald Trump, who’s called the
Fed “loco,” as well as “the biggest threat” facing
the U.S. economy. This from the man who tapped
him for the job. Powell enjoyed five quiet months
atthehelmofAmerica’scentralbankafterhetook
overfromJanetYelleninFebruaryoflastyear.But
asheandhiscolleaguesratchetedupborrowing
costs,thepresident’sirerose.Trumptookhisfirst
shotlastJuly,andthingsonlygotworseastheFed
plowedaheadwithfourinterest-ratehikesover
thecourseoftheyear,thelastinDecemberasoffi-
cialsalsopenciledintworatehikesfor2019.That,
alongwiththeglobaleconomyalreadyshowing
signsofstrain,sentfinancialmarketsintoa tem-
porarytailspin, further inflaming the president.
That’s when Trump began asking aides about
his ability to oust the Fed chief in discussions
Stoicism, the classical philosophy of emotional
resilience, logic, and virtue, has long been a
handy guide for anyone dealing with a crazy boss.
Seneca the Younger, a first century Roman states-
man, found it helpful in managing the famously
volatileEmperorNero.FederalReserveChairman
JeromePowellalsoseemstobea fan.Hehasa
mantra, a simple phrase he uses frequently in
private and occasionally in public, that sounds
straight from the stoic’s guide to a happy life:
“Control the controllable.”