The Trump administration has opened a criminal investigation into Fed Chair Jerome Powell Donald Trump

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Central Bank President Denies ‘Intimidation’ After Grand Jury Subpoena.

The administration of United States President Donald Trump has launched a criminal investigation into Federal Reserve Chair Jerome Powell, set for a development that raises concerns about the independence of US monetary policy.

Powell said Sunday that the central bank had been served with grand jury subpoenas related to his testimony about the renovation of the Fed’s headquarters in Washington, DC.

“The risk of criminal charges is the result of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the president’s preferences,” Powell said in a rare video message.

“It’s about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or, instead, whether monetary policy will be dictated by political pressure or intimidation.”

More to follow…