😱 Big escalation in the Trump vs Powell saga! 🇺🇸
For over a year, Fed Chair Jerome Powell stayed quiet and didn't respond to all the heat from President Trump. Whenever asked about the comments, he'd just say he had no comment.
That changed big time today.
With federal prosecutors now opening a criminal probe into Powell (tied to his past testimony on Fed building renovations), he came out strong: "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President."
Stock futures dropped right away — S&P 500 futures down around 0.5% in reaction to this.
This hits as the Fed is widely expected to pause rate cuts again at the January 28 meeting. With just months left in his term as Chair, Powell is clearly defending Fed independence hard.
Trump vs Powell round whatever-this-is — expect way more market volatility ahead.
If you're trading this drama, eyes wide open! Volatility incoming.
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