Fed Chair Powell says he's under criminal investigation, won't bow to Trump intimidation
Source: cnbc.com
Published Sun, Jan 11 20267:32 PM ESTUpdated 14 Min Ago
Dan Mangan
Key Points
Federal Reserve Chairman Jerome Powell is under federal criminal investigation related to the $2.5 billion renovation to the central bank’s headquarters and his congressional testimony about that, Powell said.
Powell said the probe was the result of the Fed “setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of” President Donald Trump.
Sen. Thom Tillis, a North Carolina Republican, and Banking Committee member, said he would oppose any nominee by Trump to replace Powell, and any Fed board nominee, “until this legal matter is fully resolved.”
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“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,” Powell said.
Stock futures fell on the heels of Powell’s statement.......................
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Read more: https://www.cnbc.com/2026/01/12/fed-jerome-powell-criminal-probe-nyt.html
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... Powell's conservative-moderate approach has likely helped Crooked Donald's economic management. The next Fed Chair will likely focus on the needs of the Maralago crowd, not the country. It will get ugly.
