DOJ Subpoenas Fed

Benzinga

Jerome Powell said the Fed received grand jury subpoenas tied to alleged political pressure over interest rates, sending the dollar lower, gold to record highs, and stock futures down.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Federal Reserve Chair Jerome Powell said the central bank received grand jury subpoenas

00:07from the Justice Department that threatened a criminal indictment tied to his June congressional

00:11testimony on renovations to the Fed's headquarters. In a statement Sunday, Powell said the action was

00:17not driven by the testimony or the renovation and called those explanations pretext, Bloomberg

00:22reported. Powell said the threat stemmed from the Fed setting interest rates based on economic

00:27evidence rather than presidential preferences. The U.S. dollar weakened following the news,

00:33gold rose to a record high, and S&P 500 futures fell 0.3 percent.

00:39For all things money, visit Benzinga.com.

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