Powell responds to criminal investigation: Subpoena is a "political pretext," vows to withstand pressure from Trump.

PANews reported on January 12th that, according to Jinshi News, Federal Reserve Chairman Jerome Powell stated that the U.S. Department of Justice threatened on Friday to file criminal charges against him for his Senate testimony last June, which concerned years of renovations to a building. A grand jury subpoena was served last Friday. The new threat is unrelated to his testimony or the renovation projects; it's merely a pretext. The broader question is whether the Fed will continue to set interest rates based on evidence and economic data, or will be swayed by political pressure and intimidation. The Fed will not fear political pressure or favor any political position in fulfilling its duties, and will continue to do so. While deeply respecting the rule of law, this action is unprecedented and should be examined within the context of the ongoing pressure exerted on the Fed by the current administration.