When the Fed Becomes “The Apprentice”: Trump, Markets, and a Nation on Edge

2 Minute Read

The Federal Reserve has long been called “independent.” Independent of politics, independent of presidents, independent even of common sense at times. But on August 26, 2025, that independence looked more like a reality TV audition. President Donald Trump moved to fire Federal Reserve Governor Lisa Cook — a first in modern history — rattling both the Treasury market and the dollar as Wall Street wondered if Fed policy was now subject to quarterly performance reviews. Traders half-expected a boardroom scene: “Lisa, your balance sheet is too bloated. You’re fired.”

The market response was classic: the dollar edged lower, Treasury yields slipped, and equities kept one eye on Nvidia’s looming earnings report. Because when Washington plays HR with the central bank, even semiconductors become a safe haven.

$23 Billion, Everything Must Go!

Meanwhile, EchoStar stole a few headlines of its own. AT&T agreed to buy $23 billion worth of spectrum licenses, effectively turning invisible airwaves into the hottest yard-sale item of the year. EchoStar stock soared as if someone had just discovered Wi-Fi in buried treasure. Add to that a S&P 500 game of musical chairs — Interactive Brokers moving in while Walgreens prepares to go private — and the whole market looked like it was rearranging the furniture while the Fed’s walls shook.

Indonesia offered another bit of comic relief in the tariff saga. After negotiations, the U.S. agreed in principle to exempt Indonesian palm oil, cocoa, and rubber from a new 19% import duty. The carve-out was less about mercy and more about reality: America doesn’t produce much of those anyway. Call it trade war theater — the maze of tariffs always seems to have an emergency exit sign that reads, “Unless We Need It.”

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