Federal Reserve Chair Jerome Powell condemned the intimidation tactics following grand jury subpoenas related to his congressional testimony on a $2.5 billion renovation project at the Fed’s headquarters. Powell emphasized that the subpoenas were pretexts to undermine the Fed’s independence in setting interest rates, asserting that monetary policy should not be directed by political pressure. This situation arises amid mounting tensions with President Donald Trump’s administration, which has threatened Powell over interest rate decisions. Powell reaffirmed his commitment to serving the public and maintaining the Fed’s dual mandate amidst these challenges.
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