Jay Powell says that “independence and integrity are inseparable” in the wake of another attack from Donald Trump on the Federal Reserve chair.
The US president labelled Powell a “very incompetent guy” who “may be a dishonest guy”. His comments came days after Jeanine Pirro, the US attorney for the District of Columbia, said she would appeal a decision to quash two subpoenas issued by the Department of Justice in its criminal probe into Powell’s handling of the $2.5bn renovation of the Fed headquarters.
Powell has cast the investigation as part of the Trump administration’s attempt to stifle the Fed’s independence to set interest rates free from White House pressure.
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