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...from the attached article...
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Griffin’s warning represents a rare reprimand from a CEO at a time when many business leaders have tried to steer clear of publicly criticizing the president and others have gone out of their way to curry favor. Big bank CEOs publicly defended Fed independence this summer, while avoiding criticizing Trump directly.

Griffin, who has said he voted for Trump in last November’s election, has repeatedly slammed the administration’s trade war.


Trump has relentlessly condemned Jerome Powell, his handpicked Fed chair who was later reappointed by former President Joe Biden. Some Fed watchers worry Trump could try to give the US central bank a MAGA makeover in an effort to exert greater influence over interest rates.

Last week, Treasury Secretary Scott Bessent argued the Fed must be relieved of its duties regulating America’s banks because the US central bank has veered from its core mission.

Griffin and Kashyap, in the Journal op-ed, expressed concern that Trump’s war on the Fed will backfire in at least two ways.

First, artificially low rates from the Fed could overheat the economy — worsening inflation at a time when polls show voters remain frustrated over the cost of living.


Secondly, investors could lose faith the Fed is committed to keeping prices stable, leading to even higher long-term borrowing costs for both the federal government and homebuyers.

“While the US benefits from a large stock of credibility accumulated over decades, it isn’t limitless,” Griffin and Kashyap wrote. “If eroded, markets will demand far higher interest rates for longer-term debt.”
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Link: https://www.cnn.com/2025/09/08/economy/trump-fed-powell-ken-griffin?utm_source=business_ribbon