Fed’s Powell links DOJ probe to his defiance of Trump on rates

Federal Reserve Chair Jerome Powell says his refusal to drop interest rates led to Donald Trump opening a criminal investigation over renovations to the central bank’s headquarters.

Federal Reserve chair Jerome Powell has blasted the Trump administration over a new criminal probe, arguing it’s the latest attempt to destroy the central bank’s independence on interest rates.

Powell said on Sunday that the charges are “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.”

The US attorney for Washington, DC, opened a criminal investigation into Powell on Friday over the agency’s renovation of its headquarters and whether Powell lied to Congress about the size of the project, The New York Times reported on Sunday.

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