US Federal Reserve Chair Jerome Powell has taken a firm stance in the face of President Donald Trump's threats, vowing not to back down from a criminal investigation into him and the Fed.
Powell's response comes after years of Trump's attacks on the central bank, which he claims is being politicized. The Fed chair has consistently maintained its independence, refusing to be swayed by the president's wishes on interest rates.
In a video statement released by the Fed on Sunday night, Powell stated that he had served at the Federal Reserve under four administrations without fear or favor, and would continue to carry out his duties focused solely on price stability and maximum employment.
The announcement marked a significant shift in Powell's stance, as he has previously avoided engaging with Trump's criticisms of the Fed. However, it is clear that the threat of a criminal investigation has pushed him over the edge.
Trump had directed much of his ire at Powell, calling him "a stupid person" and floating his removal from office multiple times. The White House's campaign to get the Fed to lower interest rates has also been met with resistance, with Trump accusing the Fed of being "anti-American".
The launch of a criminal investigation into Powell is unprecedented, and marks a significant escalation in Trump's campaign against the Fed. Economists say that a politicized central bank can have negative effects on inflation and the cost of living.
Powell's term as chair is due to conclude in May, and it remains to be seen how this will impact his ability to lead the Fed. However, his unwavering commitment to its independence has sent a clear message: the future of the Federal Reserve is at stake.
The implications of this move are far-reaching, with potential consequences for the global economy and financial markets. As one of the most powerful officials in the world, Powell's actions will have significant reverberations.
It remains to be seen how Trump will respond to this development, but it is clear that Powell has drawn a line in the sand. The fate of the Federal Reserve hangs in the balance, and it is now up to Powell to protect its independence and uphold its mandate.
Powell's response comes after years of Trump's attacks on the central bank, which he claims is being politicized. The Fed chair has consistently maintained its independence, refusing to be swayed by the president's wishes on interest rates.
In a video statement released by the Fed on Sunday night, Powell stated that he had served at the Federal Reserve under four administrations without fear or favor, and would continue to carry out his duties focused solely on price stability and maximum employment.
The announcement marked a significant shift in Powell's stance, as he has previously avoided engaging with Trump's criticisms of the Fed. However, it is clear that the threat of a criminal investigation has pushed him over the edge.
Trump had directed much of his ire at Powell, calling him "a stupid person" and floating his removal from office multiple times. The White House's campaign to get the Fed to lower interest rates has also been met with resistance, with Trump accusing the Fed of being "anti-American".
The launch of a criminal investigation into Powell is unprecedented, and marks a significant escalation in Trump's campaign against the Fed. Economists say that a politicized central bank can have negative effects on inflation and the cost of living.
Powell's term as chair is due to conclude in May, and it remains to be seen how this will impact his ability to lead the Fed. However, his unwavering commitment to its independence has sent a clear message: the future of the Federal Reserve is at stake.
The implications of this move are far-reaching, with potential consequences for the global economy and financial markets. As one of the most powerful officials in the world, Powell's actions will have significant reverberations.
It remains to be seen how Trump will respond to this development, but it is clear that Powell has drawn a line in the sand. The fate of the Federal Reserve hangs in the balance, and it is now up to Powell to protect its independence and uphold its mandate.
This whole thing just got super weird - like, why's Trump making threats against his own Fed chair? It's not like they're beholden to him or anything. And what's with all the personal attacks? Jerome Powell's been doing his job just fine without taking it personally, right?
. Trump's all upset 'cause he can't control the Fed, but Powell ain't having it 
. The dude's got integrity, and that's what matters most 
. A criminal investigation? Please, it's just another case of politics getting in the way of doing what's right 
. Let's focus on the economy and the real issues at hand, not some petty beef between Trump and Powell 
.
gotta say, this is a big deal! I mean, Trump's been trying to strong-arm Powell for years, but now he's finally pushed him over 
. And you know what? I think it's about time someone stood up to Trump on this issue 
. A politicized central bank is a recipe for disaster, trust me 
. Powell's got the guts to take on Trump, and that's awesome 
. Now we just gotta see how this all plays out... will the Fed keep its independence or get bullied by Trump? 
.
. But at the same time, it's awesome to see Powell taking a stand 
.
. I mean, his term is ending soon and all... Guess we'll have to wait and see how this plays out 
. One thing's for sure, though: it's about time someone took Trump seriously 
Trump's been going off on a tangent with his attacks on the Fed, but now he's got a criminal investigation sniffing around his feet 
fingers crossed Powell can hold strong till May!
I mean, the Fed is meant to be independent, not some puppets of the President. And now that a criminal investigation has been launched, it's like Powell's finally found his voice. I'm curious to see how Trump will react to this - is he gonna try and bully him even more or is this gonna backfire? 
One thing is for sure, though - Powell has sent a clear message that he won't back down from defending the Fed's independence. That takes guts, especially given the pressure he must be under from Trump and the White House.
. i just hope powell's got enough guts to keep going 
OMG you guys I'm FREAKING OUT!!! So like Jerome Powell just straight up said he's not afraid of Trump's threats and that the Fed's going to keep doing what it does best - keeping inflation in check 
. I'm so here for Powell taking a stand, fingers crossed he can keep it up till May when his term ends 
.
anyway, it's about time someone stood up to Trump's tantrums 
i cant even believe this is happening 
i think this is a big deal fam 
economics wise, if the fed gets politicized it can mess with inflation and the cost of living pretty badly 
it's easy to get caught up in the noise, but let's not forget that at the end of the day, we're all just trying to make ends meet and provide for ourselves and our loved ones 
.
, but let's not get too ahead of ourselves - this is a complex situation with many moving parts. One thing's for sure, though: the fate of the Federal Reserve just got a whole lot more interesting 
!
. We're talking about a situation that could have major implications for financial markets and the economy as a whole. It'll be fascinating to see how this all plays out in the coming weeks and months, and what it says about the state of our political system.
. We need people like him who are willing to stand up for what's right, even when it's hard. Fingers crossed that this all works out in a positive way 
.
! It's like, finally someone is standing up to Trump and defending the Fed's independence 
). It's like, dude, we get it, you're upset, but our job is to keep the economy stable, not to make friends with the POTUS.
. With Powell taking a firm stance, I'm expecting some real updates on Fed policy and a possible shift towards more independent decision-making. We'll have to see how it all plays out in May when his term ends, but for now, I'm just here for the drama 
.