It turns out launching an investigation to speed things up can also be a great way to make sure nothing moves at all.
For months, President Trump has been trying to pressure Jerome Powell out of the Fed chair.
Instead, Powell just smiled, pointed to the calendar, and announced he plans to stay past his May 15 deadline.
So the administration did not clear the room.
It jammed its own exit.
Slashing Tires in Your Own Driveway
The administration pushed a Justice Department investigation tied to Powell's testimony about the Fed's $2.5 billion renovation project.
The theory was simple.
Make Powell radioactive.
Make the transition easier.

Instead, it created the political equivalent of slashing somebody's tires so they will leave your driveway.
Now, Powell's car is tireless, and he's sleeping on the Fed's couch.
Get it?
Because he can’t be moved while the the investigation is still hanging over the process, and with Democrats opposed, that leaves Trump’s replacement (Kevin Warsh) stuck in confirmation purgatory.

That is an incredible level of accidental sabotage.
The Boardroom Hostage Situation
Powell did not answer this with rallies or tweets.
He answered it with bureaucracy, which is much more Fed-coded.
Powell has also said he has "no intention" of leaving his separate seat on the Fed's Board of Governors while the investigation is unresolved, and that matters because his governor term runs through 2028.
If Powell stays on the board to clear his name, Trump loses the chance to replace that seat entirely.

So what started as "get me a new chairman" is drifting toward "sorry, there’re no vacancies for the secretary positions."
Close
This is a story about how forcing a result can often lead to unintended consequences.
And the punchline is brutal.
Maybe the fastest way for president Trump to get exactly what he wants...
Is to back off.





