Gloves off as Powell hits back at criminal probe into Fed
Chair says investigation over cost overruns is motivated by Trump’s wish to control rate-setting
Jerome Powell has slammed a criminal investigation into the US Federal Reserve, which he said was part of a politically motivated campaign by president Donald Trump’s administration to force the central bank to lower interest rates.
In a video statement on January 11, the Fed chair said the US Department of Justice had served the central bank with grand jury subpoenas and threatened to issue a criminal indictment. Powell said the department’s ostensible reasons for pursuing the Fed – cost
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