US probe into Fed hits global markets as worry of its independence grows
Fallout from the Trump administration's criminal probe of the country's top central banker is being felt worldwide. That investigation, ostensibly focusing on potential/alleged falsehoods in Powell's congressional testimony about budget overruns in renovations to the bank's 88-year-old headquarters. Many political observers though see it as yet another attempt by Trump to gain personal control over US monetary policy - and, crucially, interest rates, as the president seeks to quickly boost US economic growth via aggressive rate cuts. That is causing major concern on global markets, as investors who count on the Fed's independence worry that it's in danger of being lost.
Fallout from the Trump administration's criminal probe of the country's top central banker is being felt worldwide. That investigation, ostensibly focusing on potential/alleged falsehoods in Powell's congressional testimony about budget overruns in renovations to the bank's 88-year-old headquarters. Many political observers though see it as yet another attempt by Trump to gain personal control over US monetary policy - and, crucially, interest rates, as the president seeks to quickly boost US economic growth via aggressive rate cuts. That is causing major concern on global markets, as investors who count on the Fed's independence worry that it's in danger of being lost.
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