🚨 BREAKING: Former Federal Reserve chairs have issued strong criticism of the Justice Department’s investigation into Chair Jay Powell, rattling financial markets.
All living former Fed leaders released a joint statement on Monday condemning the probe, describing it as petty, damaging, and a dangerous precedent that risks making the U.S. look like an emerging market with weakened institutions.
The backlash intensified as 13 leading economists signed an open letter accusing the Trump administration of crossing a fundamental red line — political interference in central bank independence.
Powell had responded the previous day, stating the investigation is being used as retaliation for his refusal to tailor interest-rate policy to President Trump’s demands. Since returning as the 47th president, Trump has publicly pushed for far more aggressive rate cuts.
Powell stressed that any legal pressure stems from the Fed making decisions it believes serve the public interest, not the preferences of the White House.
Market snapshot:
$BTC 91,719.53 (+0.95%)
$XRP 2.067 (−1.21%)
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