Is Powell’s Fed head independence dead? It’s just one more diversionary trick as Trump outfoxes himself

The only surprising quality regarding President Trump unleashing federal investigators to prepare potential prosecution criminal charges against the highly respected Federal Reserve Chairman Jay Powell — a Trump appointee himself — is that anyone is surprised by this news.

Financial markets initially dropped before rebounding as investors blew off Trump’s Justice Department as the flailing bluster of a lame duck, while a fissure opened in the GOP, with open concern about the sacred independence of both the DOJ as well as that of the Federal Reserve.

For example, prominent Republican Sen. Thom Tillis, of the Senate Banking Committee asserted that “It is now the independence and credibility of the Department of Justice that are in question.”

Similarly, Republican Rep. French Hill, chairman of the House Financial Services committee, called the investigation “an unnecessary distraction that could undermine this Administration and sound monetary decisions.”

Even Trump’s own Treasury Secretary Scott Bessent challenged Trump on his “revenge probe” of Powell.

The sequential, dramatic waves of prosecutions against Read Entire Article