Powell says the Fed received DOJ subpoenas

"Federal Reserve Chair Jerome Powell said the US central bank was served grand jury subpoenas on Friday from the Department of Justice that threatened criminal indictment. In a statement on Sunday night, Powell said the subpoenas focused on his June testimony about renovations at historic Fed office buildings. The Fed chair said the subpoenas were the latest move in the Trump administration's pressure campaign on the central bank to lower interest rates."

""No one - certainly not the chair of the Federal Reserve - is above the law," Powell said. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure." He added: "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.""

Jerome Powell said the Federal Reserve was served grand jury subpoenas by the Department of Justice that threatened criminal indictment. The subpoenas focused on his June testimony about renovations at historic Federal Reserve office buildings. Powell characterized the subpoenas as part of the Trump administration's pressure campaign to push the central bank to lower interest rates. He said no one is above the law but framed the action within broader threats and ongoing pressure. Powell said the dispute concerns whether monetary policy will be set based on evidence and economic conditions or directed by political pressure. He said he will continue in his role.

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