Fed Chair Jerome Powell vows to ‘stand firm in face of threats’ after Trump’s DOJ launches probe

Jerome Powell has said that the US Federal Reserve is being threatened with criminal indictment by the Trump administration.

In a video announcement, the Fed Chair said that the Department of Justice (DoJ) is serving the agency with grand jury subponeas over comments he made to Congress last June in relation to renovation cost over-runs at the Federal Reserve buildings in Washington DC.

He said the action is a “pretext” which is designed at pressuring the central bank to lower interest rates. “Public service sometimes requires standing firm in the face of threats,” he added.

Donald Trump has said he does not “know anything” about the investigation.