Overview
- Jerome Powell calls the threatened charges a political intimidation attempt and says he will continue to serve.
- Grand jury subpoenas were delivered to the Federal Reserve on Friday over alleged false statements about a roughly $2.5 billion headquarters renovation during June testimony.
- Reporting indicates D.C. prosecutors are handling the case, with some accounts linking approval to Jeanine Pirro, while the Justice Department declined substantive comment.
- Republican Thom Tillis and Democrat Elizabeth Warren condemn the move, with Tillis vowing to block Fed confirmations until the investigation is resolved.
- Financial markets reacted as gold hit a record, the dollar weakened and U.S. equity futures fell, complicating pending Fed leadership decisions before Powell’s term ends in May.