Trump administration opens criminal probe into Fed Chair Jerome Powell | Donald Trump

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Central bank chair condemns ‘intimidation’ following grand jury subpoenas.

United States President Donald Trump’s administration has opened a criminal investigation into Federal Reserve Chair Jerome Powell, in a development set to heighten concerns about the independence of US monetary policy.

Powell said on Sunday that the central bank had been served with grand jury subpoenas related to his testimony about renovations to the Fed’s headquarters in Washington, DC.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” Powell said in a rare video message.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions – or whether instead, monetary policy will be directed by political pressure or intimidation.”

More to follow…