00:00Federal Reserve Chair Jerome Powell announced he will stay on as chair pro tem if his nominated successor Kevin Warsh
00:07is not confirmed by the Senate before his term expires in May
00:11and separately vowed to remain on the Fed's Board of Governors until a Department of Justice investigation into him is
00:18fully resolved with transparency.
00:20A federal judge recently blocked grand jury subpoenas tied to Powell's criminal probe, ruling the government had presented virtually no
00:29evidence of wrongdoing
00:30and that the subpoenas appeared designed to pressure Powell into cutting interest rates or resigning, a ruling the DOJ swiftly
00:38said it would appeal.
00:39Powell's standoff with the Trump administration has intensified as the Fed voted Wednesday to hold interest rates steady,
00:46citing stubborn inflation and uncertainty around the Iran war, even as Trump publicly pushed for rate cuts.
Comments