"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."
"I wouldn't even think of doing it that way,"
"This is the kind of bullying that we've all come to expect from Donald Trump and his cronies,"
The Justice Department launched a criminal indictment related to extensive renovations of the Federal Reserve's Washington headquarters. Federal Reserve Chair Jerome Powell dismissed the threat of criminal charges and subpoenas as pretexts aimed at compelling him to lower interest rates to suit the President. Powell framed the threat as a consequence of the Fed setting rates based on its assessment of the public interest rather than following presidential preferences. President Donald Trump denied ordering or being aware of the probe. Markets reacted Monday, with the Dow falling over 400 points while the S&P edged down and the Nasdaq remained relatively flat. Senate Democrats and Republicans voiced opposing reactions, with Chuck Schumer denouncing the move and Sen. Thom Tillis vowing to block Fed appointments until the probe is dropped.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]