Analysis: The Federal Reserve's defenses are facing a Trump offensive, and insiders are choosing to "play it safe."

Although some economists later echoed Trump's sentiments, arguing that the Federal Open Market Committee (FOMC) should cut interest rates, Trump's public outburst of anger was unusual: he called Powell "too late," a "stubborn mule," a "big loser," and a "fool." Wall Street was uneasy about these attacks. Even if it wanted to see rate cuts, it didn't want its central bank's independence threatened. The Fed's defenses were crumbling under Trump's onslaught, with insiders choosing to remain neutral. After abandoning his plan to fire Powell, Trump turned his attention to other FOMC members. In September, he attempted to oust Fed Governor Cook via social media, accusing her of falsifying mortgage applications. Cook denied the accusations and took the case to the Supreme Court. Hearings are scheduled to begin in January. (Jinshi)