US Fed HQ Renovation Under Probe; Powell Flags Political Pressure Over Rate Policy

• Federal Reserve Chair Jerome H. Powell is under criminal investigation regarding the Fed's $2.5 billion headquarters renovation in Washington, DC.
• Powell stated this action is an 'unprecedented' threat, linking it to the administration's pressure over interest rate decisions.
• He alleged the criminal charges are a pretext, stemming from the Fed's refusal to align interest rates with the President's preferences.
• Powell emphasized the Fed's independence in setting monetary policy based on data and economic conditions, not political pressure.
• He affirmed his commitment to serving the American people with integrity, focusing on price stability and maximum employment.

Why It Matters: US Fed Chair Powell faces criminal probe over HQ renovation, alleging political pressure on interest rate policy.