Keith Duggan

I think it was Marner Eccles who made that decision then.

It's unprecedented.

The reason he did so is that he says he fears for the independence of the institution of the Federal Reserve.

And it sort of emanates from

the legal indictments that he faced earlier in the year, stemming from his own testimony to Congress last summer in relation to really extensive renovations that are ongoing.

in the Federal Reserve amounting to $2.5 billion, which Trump has repeatedly expressed his incredulity at and has challenged and essentially accused Powell and the Reserve of, well, at best, wasting federal money.

So, yeah, it's going to be interesting.

He's obviously diametrically opposed to Kevin Warsh in many ways.

And it was notable at Warsh's own appointments last Friday that he didn't mention Powell in his acceptance speech.

Yeah, it's upcoming here and it's on June 15th.

But I think the general sense is that there will be no dramatic announcement at that stage.

There won't be an interest rate cut.

And when Trump was welcoming Kevin Warsh last Friday, he made a point of

telling the gathering that he wanted Warsh to be independent of him and to think of nobody but to do the right thing, which is ironical given what his predecessor put up with for the past two years.

But I expect there won't be any change this month.