Trump's Criminal Probe of Fed Chief Powell Sparks Outcry Over Central Bank Independence

• The Trump administration initiated a criminal investigation into Fed Chair Jerome Powell, drawing widespread condemnation.
• Former Fed chiefs and Republican senators criticized the probe, viewing it as an attack on central bank independence.
• Powell called the investigation a "pretext" to influence interest rates, stemming from comments on a building renovation project.
• The probe, led by U.S. Attorney Jeanine Pirro, was not briefed to Attorney General Pam Bondi or Deputy Attorney General Todd Blanche.
• The incident raised concerns about market stability and the future of monetary policy, with some analysts suggesting Powell might remain at the Fed.

Why It Matters: Trump's criminal probe into Fed Chair Powell ignited a political firestorm, threatening central bank independence.