Jerome Powell
Stock futures fell Monday after the Department of Justice opened a criminal investigation into Federal Reserve Chair Jerome Powell, an apparent escalation by President Trump in his attempt to pressure the central bank. …Trump’s call to cap credit card rates for one year at 10% was also causing some market indigestion. …Powell confirmed in an unusual direct video statement Sunday evening that federal prosecutors have opened a criminal investigation related to his Senate Banking Committee testimony. Powell said the investigation was another attempt by Trump to influence the central bank’s monetary policy and he would not bow to the pressure. His term as chair is up in May. “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead, monetary policy will be directed by political pressure or intimidation,” said Powell in the statement.
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