a “dead head” who approved a “rather small cut.” Earlier this month, Powell said the Justice Department served the Fed grand jury subpoenas threatening a criminal indictment over Powell’s testimony before the Senate Banking Committee last year. Powell, who was appointed by Trump in 2018, called the move an “unprecedented action” that should be viewed “in the broader context of the administration’s threats and ongoing pressure.” Several economists and former Fed officials condemned the investigation, arguing it was an “unprecedented attempt” to undermine the central bank’s independence. The White House said earlier this month that Trump supports the Fed’s political independence, adding, “He has said that many times.”