A criminal investigation has been launched into Federal Reserve Chair Jerome Powell, with the U.S. Department of Justice issuing subpoenas and threatening indictment over his testimony and a $2.5 billion Fed HQ renovation project a move Powell calls a “pretext” for political pressure on monetary policy.
Former Fed chairs and top economists warn this unprecedented probe could undermine the independence of the U.S. central bank, shaking confidence in monetary policy and economic stability.
Markets have reacted violently: the U.S. dollar weakened sharply, equity futures slumped, and gold surged to a record high as investors fled to safe havens amid institutional uncertainty.
Critics see this as an escalation of political influence over the Fed, with fears that a compromised central bank could trigger long-term volatility and inflation risk across global financial systems.
Bottom line: What began as administrative scrutiny has now morphed into a geopolitical economic flashpoint and markets may never be the same.
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