Fed Chair Powell Accuses Trump DOJ of Criminal "Retaliation"

Federal Reserve Chair Jerome Powell has publicly accused the U.S. Department of Justice of targeting him with a criminal investigation as an act of "retaliation." Powell stated the probe is a response to his refusal to lower interest rates. The announcement on January 11 marks a major escalation in President Donald Trump's long-running criticism of the independent central bank. Powell confirmed the Justice Department has served subpoenas to the Fed. The Federal Reserve sets monetary policy, primarily through interest rates, to control inflation and support employment. Presidents typically avoid direct pressure on the Fed to protect its political independence. Powell's claim suggests an unprecedented attempt to influence central bank policy through legal intimidation. The Justice Department has not yet commented on the allegations.