Powell to face press for first time since open defiance of Trump
Law enforcement shouldn't be political.
Federal Reserve Chairman Jerome Powell will face questions from reporters on Wednesday after disclosing a Justice Department investigation that he has blamed on an effort by President Donald Trump to influence interest rate policy.
Powell, 72, made the astonishing announcement earlier this month in a video. He will take questions in the afternoon following a two-day meeting of the Federal Open Market Committee, which began meeting Tuesday and will vote on whether to change its monetary policy Wednesday afternoon.
DOLLAR FALLS TO FOUR-MONTH LOWS ON UNCERTAINTY OVER TARIFFS, THE FED, AND SHUTDOWN THREAT
In the video, Powell revealed the Fed recently received grand jury subpoenas related to testimony he gave to the Senate last year about renovation cost overruns of the Fed headquarters building in Washington, D.C. The chairman said the inquiry was a pretext to pressure him to lower interest rates, threatening the independence of the Fed.
The video was particularly surprising since Powell has avoided confrontation with the president. Powell has worked to deflect questions about Trump at press conferences but has affirmed the independence of the Fed. It is unclear if he will go into any further detail about the investigation or his thoughts on the matter when pressed on Wednesday.
“I think that what he does, that he’s good at, is he won’t move from the script, so I don’t think he’ll say anything new,” Desmond Lachman, a senior fellow at the American Enterprise Institute, told the Washington Examiner.
And while he likely won’t address the matter in his prepared remarks, Powell will be asked about it. Lachman said he will likely stick to restating what he said in the video, which is that the investigation isn’t about the Fed headquarters renovations but rather disagreements on interest rate policy.
Mark Hamrick, senior economic analyst at Bankrate, predicted that Powell will probably keep details of the investigation “pretty close to the vest” on Wednesday.
“I think he probably feels like he can leave that sleeping dog alone for a while, and I can imagine that he would say something along the lines of, ‘Our focus here is really on our meeting on monetary policy,’” Hamrick said.
And on the monetary policy front, the Fed is all but certain to hold its rate target steady at a range from 3.50% to 3.75%. Ahead of the meeting, investors assessed less than 3% odds of a cut, according to CME Group’s FedWatch tool, which calculates the probability using futures …
Law enforcement shouldn't be political.
Federal Reserve Chairman Jerome Powell will face questions from reporters on Wednesday after disclosing a Justice Department investigation that he has blamed on an effort by President Donald Trump to influence interest rate policy.
Powell, 72, made the astonishing announcement earlier this month in a video. He will take questions in the afternoon following a two-day meeting of the Federal Open Market Committee, which began meeting Tuesday and will vote on whether to change its monetary policy Wednesday afternoon.
DOLLAR FALLS TO FOUR-MONTH LOWS ON UNCERTAINTY OVER TARIFFS, THE FED, AND SHUTDOWN THREAT
In the video, Powell revealed the Fed recently received grand jury subpoenas related to testimony he gave to the Senate last year about renovation cost overruns of the Fed headquarters building in Washington, D.C. The chairman said the inquiry was a pretext to pressure him to lower interest rates, threatening the independence of the Fed.
The video was particularly surprising since Powell has avoided confrontation with the president. Powell has worked to deflect questions about Trump at press conferences but has affirmed the independence of the Fed. It is unclear if he will go into any further detail about the investigation or his thoughts on the matter when pressed on Wednesday.
“I think that what he does, that he’s good at, is he won’t move from the script, so I don’t think he’ll say anything new,” Desmond Lachman, a senior fellow at the American Enterprise Institute, told the Washington Examiner.
And while he likely won’t address the matter in his prepared remarks, Powell will be asked about it. Lachman said he will likely stick to restating what he said in the video, which is that the investigation isn’t about the Fed headquarters renovations but rather disagreements on interest rate policy.
Mark Hamrick, senior economic analyst at Bankrate, predicted that Powell will probably keep details of the investigation “pretty close to the vest” on Wednesday.
“I think he probably feels like he can leave that sleeping dog alone for a while, and I can imagine that he would say something along the lines of, ‘Our focus here is really on our meeting on monetary policy,’” Hamrick said.
And on the monetary policy front, the Fed is all but certain to hold its rate target steady at a range from 3.50% to 3.75%. Ahead of the meeting, investors assessed less than 3% odds of a cut, according to CME Group’s FedWatch tool, which calculates the probability using futures …
Powell to face press for first time since open defiance of Trump
Law enforcement shouldn't be political.
Federal Reserve Chairman Jerome Powell will face questions from reporters on Wednesday after disclosing a Justice Department investigation that he has blamed on an effort by President Donald Trump to influence interest rate policy.
Powell, 72, made the astonishing announcement earlier this month in a video. He will take questions in the afternoon following a two-day meeting of the Federal Open Market Committee, which began meeting Tuesday and will vote on whether to change its monetary policy Wednesday afternoon.
DOLLAR FALLS TO FOUR-MONTH LOWS ON UNCERTAINTY OVER TARIFFS, THE FED, AND SHUTDOWN THREAT
In the video, Powell revealed the Fed recently received grand jury subpoenas related to testimony he gave to the Senate last year about renovation cost overruns of the Fed headquarters building in Washington, D.C. The chairman said the inquiry was a pretext to pressure him to lower interest rates, threatening the independence of the Fed.
The video was particularly surprising since Powell has avoided confrontation with the president. Powell has worked to deflect questions about Trump at press conferences but has affirmed the independence of the Fed. It is unclear if he will go into any further detail about the investigation or his thoughts on the matter when pressed on Wednesday.
“I think that what he does, that he’s good at, is he won’t move from the script, so I don’t think he’ll say anything new,” Desmond Lachman, a senior fellow at the American Enterprise Institute, told the Washington Examiner.
And while he likely won’t address the matter in his prepared remarks, Powell will be asked about it. Lachman said he will likely stick to restating what he said in the video, which is that the investigation isn’t about the Fed headquarters renovations but rather disagreements on interest rate policy.
Mark Hamrick, senior economic analyst at Bankrate, predicted that Powell will probably keep details of the investigation “pretty close to the vest” on Wednesday.
“I think he probably feels like he can leave that sleeping dog alone for a while, and I can imagine that he would say something along the lines of, ‘Our focus here is really on our meeting on monetary policy,’” Hamrick said.
And on the monetary policy front, the Fed is all but certain to hold its rate target steady at a range from 3.50% to 3.75%. Ahead of the meeting, investors assessed less than 3% odds of a cut, according to CME Group’s FedWatch tool, which calculates the probability using futures …
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