Kyle Cheney

pressuring the Fed, trying to remove the independence of the Fed to comport with what Donald Trump wants their monetary policy to be as opposed to what their independent belief.

And so we heard, of course, Chairman Powell say that out loud, but he got back up very quickly from a lot of places that don't always speak out against the president.

I think in this case, number one, the pretext of why you would pursue a criminal investigation against Powell just didn't seem to add up.

I think people said that it seemed so clearly pretextual that you just couldn't even pretend otherwise.

And then on top of that, I think it is – the Fed has always been itself a sort of –

unique institution in our country that even the Supreme Court, while they've allowed the president to sort of fire at will almost anyone who runs any executive agency, they said the Fed is sort of an institution that stands on its own and may not be susceptible to the same kind of presidential control that other agencies are.

So the fact that this incursion directly aimed at the chairman of the Fed is happening now, it alarmed

everyone and may not even survive at the Supreme Court if it ever gets there.

It's tricky to characterize because I think it's also been an arc.

I use that word a lot, but it's been an arc because we saw at the beginning of the term –

The president and the Trump administration just losing left and right everywhere.

And they would take these sort of extreme actions to, again, dismantle whole agencies, fire people, pull funding from whether it's USAID or other – from the Consumer Financial Protection Bureau and things that were – they were getting stopped essentially.

The courts were stopping them constantly.

Immigrated – the mass deportation efforts were getting held up.

And, you know, the only thing that was where they were winning, they were doing so many things so fast, the courts could barely keep up.

Then we started to see them, these things climb up the appellate courts and the appellate courts are a little more favorable to the president, especially the Supreme Court.

And that's where we are now, where the Supreme Court said, actually, these assertions of executive power are legitimate.

These efforts to mass deport people are legitimate exercises of presidential authority for the most part, not in every case.

And so I think the president feels a little better now today than he would have, you know, six months ago when he was still running into these roadblocks at the district court level.

You know, I think to an extent, yeah, you ask different people to get different answers on this.