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Tag: monetary policy and inflation
Fed Rate Cuts on the Horizon Despite Tariff Turmoil: Legal Showdown Over Presidential Trade Powers
In an address delivered on June 2, 2025, Federal Reserve Governor Christopher Waller reaffirmed that interest rate cuts remained “on the table” for later this year, despite President Trump’s imposition of new import tariffs that were expected to generate temporary upward pressure on prices. This development raises a constellation of legal, institutional, and policy questions at the intersection of monetary authority, executive power over trade, and broader constitutional checks and balances. Although the Federal Reserve (the “Fed”) is statutorily insulated from direct political influence under the Federal Reserve Act of 1913 (12 U.S.C. § 225a), the advent of high-profile tariff measures—ultimately enjoined by the U.S. Court of International Trade—has rekindled debates over whether and how trade policy ought to factor into the Fed’s policy calculus. Moreover, recent litigation (e.g., V.O.S. Selections, Inc. v. United States, 2025) has tested the bounds of executive authority under the International Emergency Economic Powers Act of 1977 (“IEEPA”), raising profound questions about separation of powers and statutory delegation.