Reports Fed Chair Powell served with grand jury subpoenas from DOJ, threatening criminal indictment - dramatic escalation of Trump administration attacks on Fed.
Bloomberg Anchor
Jerome Powell
The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public rather than following the preferences of the president.
Asks what Powell is accused of and likelihood of being ousted.
Bloomberg Anchor
Rosalind Muffison
Investigation relates to allegations about extensive Fed building renovations and potential misleading of Congress; Trump administration annoyed by cost overruns.
Rosalind Muffison
Powell's term as chair ends in May, but his governor term lasts until 2028 - question is whether investigation aims to force his complete departure from Fed.
Rosalind Muffison
Trump has made up his mind on Powell successor but hasn't named who; Kevin Hassett is frontrunner.
Rosalind Muffison
Supreme Court oral arguments next week on Lisa Cook case about whether Trump can fire Fed officials for cause.