FED CHAIR POWELL CONFIRMS HE IS UNDER CRIMINAL INVESTIGATION, TENSIONS WITH THE TRUMP ADMINISTRATION

🔹 Federal Reserve Chair Jerome Powell confirms he is under criminal federal investigation related to the $2.5 billion Fed headquarters renovation project in Washington D.C.

🔹 Powell believes the renovation is just an excuse; the real reason stems from the Fed setting interest rates based on data and economic conditions, rather than political pressure from President Trump.

🔹 The U.S. Department of Justice has issued a grand jury subpoena related to Powell's testimony before the Senate Banking Committee in June last year.

🔹 Powell emphasizes that this is a matter of the Fed's independence, raising questions about whether monetary policy will continue to be based on economic evidence or be influenced by threats and political pressure.

🔹 Following Powell's statement, U.S. stock futures declined, while BTC & crypto generally increased, along with gold/silver futures.

🔹 The investigation is currently overseen by the Office of the District of Columbia Prosecutor, headed by Jeanine Pirro, appointed by President Trump.

🔹 President Trump has repeatedly publicly criticized Powell for not cutting interest rates quickly enough and has signaled plans to replace the Fed Chair when his term ends in May.

🔹 Powell can still remain on the Federal Reserve Board of Governors until 2028, even if he no longer serves as Chair, which could limit President Trump’s ability to appoint new members to the Fed.

🔹 Jerome Powell was appointed Fed Chair by President Trump in 2017 during his first term and officially took office in 2018. He was subsequently reappointed by President Biden. Prior to that, Powell had been a Fed Governor since 2012, meaning he has over a decade of experience in both policy-making and leadership roles at the Fed.

🔹 Context related to Lisa Cook
Lisa Cook was appointed Fed Governor in 2022. Alongside Powell’s case, the Trump administration is seeking to remove Fed Governor Lisa Cook from the Board of Governors, amid legal allegations she denies. This issue is currently before the Supreme Court, increasing concerns about political pressure on the Fed’s personnel structure.

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