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In the political landscape of the United States, President Trump's latest moves have sparked a flurry of discussions, yet the markets seem unfazed. Despite the potential danger of Trump gaining personal control over monetary policy, investors are betting that any economic policy changes will not be severe enough to cause major disruption.
The question on many minds is who will push back against Trump's transformation of U.S. politics into a quasi-authoritarian system, and what the consequences of the pushback might be. This question looms large as the potential economic troubles could arise through several different channels.
One such channel is the degradation of American institutions by Trump, which could cause economic troubles further down the line. This concern has been heightened by the President's attempt to fire Federal Reserve governor Lisa Cook in August 2025, which was met with resistance. Since then, the Federal Reserve Board continues to be controlled by its legally appointed governors, including Christopher Waller and Chair Jerome Powell, among others.
The support for Trump's authoritarian leanings is not insignificant. A significant number of his supporters want him to be a dictator, a fact that adds another layer of complexity to the political landscape.
A poll conducted in April revealed that 52% of Americans and 56% of Independents, along with 17% of Republicans, agreed that Trump is a "dangerous dictator whose power should be limited before he destroys American democracy."
However, markets can be wrong in their assumptions about Trump's economic policies. As the situation continues to unfold, it is crucial to stay informed and vigilant, keeping a close eye on any developments that could impact the economy.
