From appointment to abdication: Trump and Powell's seven-year power struggle, resignation storm may trigger turmoil

"Can 'Renovation' Oust the Federal Reserve Chairman?" Trump has been "bombarding" Powell since the election, and now he's using the renovation controversy to "pressure" him. This seemingly absurd political drama is pushing global market sentiment to a critical point. What pressure does Powell currently face? What storm would erupt if he were forced to resign? Trump and Powell: Seven Years of Love-Hate Relationship The core of Trump and Powell's conflict boils down to one thing: one wants to cut rates, the other stubbornly resists. They have been at odds on this core disagreement since 2018. Interestingly, Powell was actually appointed by Trump's nomination in February 2018. At the time, Trump expected Powell to implement loose monetary policy to support economic growth. In October 2018, Trump first publicly criticized Powell, claiming the Fed's rate hikes were the "biggest threat" and accusing Powell of being "crazy". Their conflict became public, and Trump continued to pressure Powell with ongoing verbal attacks. In 2022, Powell was nominated by Biden for reappointment until May 2026. After entering the 2024 election year, the situation further escalated. Throughout his campaign and after winning, Trump consistently criticized Powell for "moving too slowly" and "insufficient rate cuts". In recent months, Trump has repeatedly demanded Powell's resignation. However, replacing Powell isn't easy. According to U.S. law, the president cannot dismiss the Fed chairman due to policy differences unless evidence of "illegal activity or serious misconduct" can be provided. In July this year, a real breakthrough emerged. Trump's team suddenly introduced a "new script": Trump requested a congressional investigation of Powell, alleging political bias and false statements to Congress, accusing the Fed headquarters renovation project of major irregularities. During this period, rumors spread that Powell was "considering resignation", quickly fueling the situation. Seven years of power struggle reached its climax. [The rest of the translation follows the same professional and accurate approach, maintaining the original tone and meaning while translating into English.]