Republican lawmakers are rallying around Federal Reserve Chair Jerome Powell amid pressure from the Trump administration. The Justice Department recently served subpoenas on the Fed. This action followed President Trump's demands for interest rate cuts.
Powell responded with a video statement accusing the administration of using pretexts to pressure the central bank. He also contacted Republican senators. GOP Sen. John Kennedy voiced strong support for Powell. Kennedy stated he would be "shocked" if Powell had done anything wrong.
The Republican defense of Powell highlights a growing rift between the White House and the Fed. Trump has repeatedly criticized the Fed's monetary policy. He argues that higher interest rates hinder economic growth.
Powell's relationships with Capitol Hill Republicans are now crucial. His ability to maintain the Fed's independence is being tested. The coming weeks will reveal the extent of the administration's pressure and the Republican response.
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