Powell Says DOJ Probe Due To Defying Trump on Interest Rates

Federal Reserve Chair Jerome Powell asserted that a new criminal investigation launched by the US attorney for Washington, DC, concerning the Fed's headquarters renovation is a direct consequence of his decision to set interest rates based on economic assessments rather than President Trump's preferences. The probe questions whether Powell lied to Congress about the project's scope. Powell views this as an attempt to undermine the central bank's independence, stating the core issue is whether monetary policy will be guided by evidence or by political pressure and intimidation. President Trump has repeatedly attacked Powell for refusing rate cut demands and has threatened legal action and firing Powell, having already fired Fed governor Lisa Cook, though the Supreme Court blocked that action.

(Source：Cointelegraph)