00:00It's Benzinga bringing Wall Street to Main Street
00:02Trump criticized Federal Reserve Chair Jerome Powell on Tuesday,
00:06calling him incompetent or crooked as the Department of Justice faces bipartisan criticism
00:11over its criminal investigation into Powell. According to CNBC, Trump cited alleged cost
00:16overruns tied to renovations of the Fed's Washington headquarters, which are central
00:20to the probe. He repeated his attacks during a Michigan trip and said Powell would be gone soon.
00:25JPMorgan Chase CEO Jamie Dimon warned that pressure on the Fed threatens its independence
00:30and could raise inflation expectations and interest rates.
00:34Senator John Kennedy warned that conflict between the White House and the Federal Reserve
00:38would push interest rates higher, while Treasury Secretary Scott Besson cautioned Trump that the
00:43DOJ probe could complicate confirmation of the next Fed chair. Powell said the investigation
00:48followed his Senate testimony and linked it to White House pressure on interest rates.
00:52For all things money, visit Benzinga.com.
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