"The DOJ is looking into allegations of mismanagement of public funds as the Fed renovates its headquarters. Powell called that a pretext in an extraordinary statement two weeks ago today. (SOUNDBITE OF ARCHIVED RECORDING) JEROME POWELL: 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."
"AYESHA RASCOE, HOST: The Federal Reserve Board meets Tuesday. It's not usually something you'd wake the kids for, but this week's meeting comes as the Supreme Court weighs arguments over the legality of President Trump's attempt to fire Lisa Cook, a member of the Federal Reserve Board, and as the Justice Department is investigating Fed Chair Jerome Powell. The DOJ is looking into allegations of mismanagement of public funds as the Fed renovates its headquarters."
The Federal Reserve is expected to hold its policy rate steady after three cuts last year while seeking more economic data before further adjustments. Market watchers will focus on how the Fed chair explains the decision. The Supreme Court heard arguments about the legality of an attempted presidential removal of a Fed board member, but no ruling has deescalated tensions. The Department of Justice is investigating alleged mismanagement related to Fed headquarters renovations. Concerns persist that political pressure and legal scrutiny could influence monetary policy and challenge the Fed's independence.
Read at www.npr.org
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