The Candor of Jerome Powell

"Jerome Powell isn't known for his expressiveness. The chair of the Federal Reserve has kept quiet over the past year as President Trump has repeatedly attacked him-often with crude language (think moron, numbskull, dumb, and loser). That changed yesterday, when Powell announced that he is under criminal investigation by Trump's Justice Department. In a video statement, he responded to the threat of indictment with remarkable clarity."

""This unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure," he said. "The threat of criminal charges is 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.""

Jerome Powell announced that he is under criminal investigation by the Justice Department and framed the move as part of broader presidential pressure on the Federal Reserve. Powell said the threat of criminal charges follows the Fed's decisions to set interest rates based on assessments of the public interest rather than presidential preferences. The inquiry centers on whether Powell misled Congress about a Fed renovation project now estimated about $700 million over budget. The White House Office of Management and Budget began reviewing those statements in July. Powell said the Fed made every effort to keep Congress informed. President Trump criticized Powell's Fed performance and construction oversight.

Read at The Atlantic