Fed Chair Powell Accuses DOJ of Political Probe

Federal Reserve Chair Jerome Powell has publicly criticized a U.S. Justice Department investigation, calling it "unprecedented." Powell stated he believes the probe is a direct result of former President Donald Trump's anger. This anger, Powell suggested, stems from the Fed's past refusal to lower interest rates during Trump's presidency. The Fed is an independent central bank. Its decisions on interest rates are meant to be free from political influence. Powell's remarks highlight a rare public conflict between the nation's top economic official and the Department of Justice. The Justice Department has not yet commented on Powell's allegations.