Fed Reserve chairman getting fixed by Trump for not lowering interest rates

[Rogue Trader]

Fed chair Powell hits out at 'unprecedented' probe by US justice department​

2 hours ago
Ana Faguy,Washingtonand
Osmond Chia

Federal prosecutors have opened a criminal investigation into Federal Reserve chair Jerome Powell, he said on Sunday.

In a highly unusual move, Powell disclosed that the US Department of Justice (DoJ) served the agency with subpoenas and threatened a criminal indictment over testimony he gave to a Senate committee about renovations to Federal Reserve buildings.

Calling the probe "unprecedented", Powell said he believed it was opened due to Donald Trump's anger over the Fed's refusal to cut interest rates despite repeated public pressure from the president.

Trump said he did not "know anything" about the investigation. The DoJ has been contacted for comment.

Until now, the long-running feud between Trump and Powell has been largely one-sided with the US president calling the banker "Mr. Too Late" and a "numbskull".

Powell's statement on Sunday is the first time he has publicly and robustly pushed back against Trump as he warned that the independence of the US central bank is at stake.

"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.

"I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve is above the law, but this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure," he went on to say.

Trump said in an interview with NBC News on Sunday that he did not have any knowledge of the DoJ's investigation into the Fed.

"I don't know anything about it, but he's certainly not very good at the Fed, and he's not very good at building buildings," he said of Powell.

The Fed is undertaking the first renovation of two buildings, the Eccles and 1951 Constitution Avenue buildings, since their construction in the 1930s.

The "overhaul and modernisation" of the buildings includes health and safety work such as the removal of asbestos and lead contamination.

The Fed has said that the renovations will reduce its costs over time. But Trump has criticised the ballooning costs of the project, arguing it will cost $3.1bn (£2.3bn), much higher than the Fed's $2.5bn forecast.

Powell is the latest to clash with Trump before facing a criminal investigation by the US DoJ.

Trump nominated Powell for the role as Fed chair in 2017 during his first term as president.

Powell is set to stand down in May and Trump is expected to name a successor as chair by the end of the month.

 

[mojito]

He should have eaten less.

 

[laksaboy]

Never ever second guess Trump or play punk with him.

Watch the Godfather movie if you want to know why.

 

[Sustanon]

lower simi??? lower for fuck??? The higher the better mah (if you are debt free that is)... do a Paul Volcker... hiong hiong upz until >20% then songz mah... and reduce the total money supply so each dollar buy more stuff...

 

[shock888]

Fed chair Powell hits out at 'unprecedented' probe by US justice department​

2 hours ago
Ana Faguy,Washingtonand
Osmond Chia

Federal prosecutors have opened a criminal investigation into Federal Reserve chair Jerome Powell, he said on Sunday.

In a highly unusual move, Powell disclosed that the US Department of Justice (DoJ) served the agency with subpoenas and threatened a criminal indictment over testimony he gave to a Senate committee about renovations to Federal Reserve buildings.

Calling the probe "unprecedented", Powell said he believed it was opened due to Donald Trump's anger over the Fed's refusal to cut interest rates despite repeated public pressure from the president.

Trump said he did not "know anything" about the investigation. The DoJ has been contacted for comment.

Until now, the long-running feud between Trump and Powell has been largely one-sided with the US president calling the banker "Mr. Too Late" and a "numbskull".

Powell's statement on Sunday is the first time he has publicly and robustly pushed back against Trump as he warned that the independence of the US central bank is at stake.

"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.

"I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve is above the law, but this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure," he went on to say.

Trump said in an interview with NBC News on Sunday that he did not have any knowledge of the DoJ's investigation into the Fed.

"I don't know anything about it, but he's certainly not very good at the Fed, and he's not very good at building buildings," he said of Powell.

The Fed is undertaking the first renovation of two buildings, the Eccles and 1951 Constitution Avenue buildings, since their construction in the 1930s.

The "overhaul and modernisation" of the buildings includes health and safety work such as the removal of asbestos and lead contamination.

The Fed has said that the renovations will reduce its costs over time. But Trump has criticised the ballooning costs of the project, arguing it will cost $3.1bn (£2.3bn), much higher than the Fed's $2.5bn forecast.

Powell is the latest to clash with Trump before facing a criminal investigation by the US DoJ.

Trump nominated Powell for the role as Fed chair in 2017 during his first term as president.

Powell is set to stand down in May and Trump is expected to name a successor as chair by the end of the month.

Powell is a Neber Trumper! He knows this is coming and yet die die dont want to resign!

 

[ftan42]

The Fed's high interest rates aim to weaken the Chinese economy by drawing funds toward the U.S. Lowering the interest rate is expected to ease economic pressures in China.

 

[Leongsam]

Great move by Trump I hope he fixes the guy good and proper. He's done nothing but sabotage the US economy whenever he can.