Fed Chair Jerome Powell Spells Out Trump's Threats To Indict Him
This is stunning -- yet is it shocking enough for Wall Street to finally speak up with one voice and act to prevent Trump from running monetary policy? I doubt it. He's making too much money for them.Via The LA Times:
WASHINGTON — Federal Reserve Chair Jerome Powell said Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed’s building renovations.
The move represents a major escalation in President Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as quickly as Trump prefers.
In a video statement, Powell said the criminal charges being threatened are “pretexts” to undermine the Fed’s independence when it comes to setting interest rates.
“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.
There goes the bond market!