Post #4830

Federal Reserve Chair Jerome Powell Faces a Stiff Challenge Justice department opens investigation into Jerome Powell as Trump ramps up campaign against Federal Reserve. The independence and credibility of America’s central bank is under threat after the Department of Justice opened a criminal investigation into Federal Reserve chair Jerome, knocking the US dollar. In a startling development, US prosecutors have launched a criminal investigation into Powell over a $2.5bn renovation of the Federal Reserve’s headquarters, and into his testimony about the project to the Senate banking committee in June last year. The move is a dramatic escalation in the long-simmering tensions between the Fed and the Trump White House, with the US president repeatedly rubbishing Powell for not cutting interest rates more quickly. After news of the investigation broke last night, Powell came out fighting, insisting that he had been threatened with criminal charges because the Fed had set interest rates “based on our best assessment of what will serve the public, rather than following the preferences of the president”. #federal#reserve#chair#powell#investigation 📱American Оbserver - Stay up to date on all important events 🇺🇸