Powell was originally appointed as Fed Chair by Trump during his first presidency.

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Trump appointed Powell in 2017, now attacks him publicly. Waller, also a Trump appointee, is positioning for Fed Chair by advocating rate cuts Trump wants. Current officials position themselves for promotion by taking stances that please whoever makes the next appointment. Waller's rate cut advocacy serves dual purposes: influences current policy and proves alignment with Trump's preferences for future consideration.

Powell was originally appointed as Fed Chair by Trump during his first presidency.

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