The criminal probe into Jay Powell by US prosecutors has galvanised the Federal Reserve’s top leaders to resist President Donald Trump’s attacks and could push the chair to remain a governor until 2028, former officials say.
Powell’s disclosure on Sunday that Trump’s Department of Justice had asked a federal grand jury to subpoena the Fed was seen by people close to the central bank as a sign that the president would go to extraordinary lengths to force policymakers to bow to his demands.
“People inside the Fed will view this development as really alarming and see it as a statement that Trump absolutely intends to gain control over monetary policy,” said Janet Yellen, a former Fed chair who is now at the Brookings Institution think-tank.
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