Republican lawmakers are rallying around Federal Reserve Chair Jerome Powell amidst pressure from the Trump administration. The Justice Department recently issued subpoenas to the Fed. This action prompted accusations from Powell that the administration is attempting to manipulate interest rates.
Powell released a video statement defending the Fed's independence. He also contacted Republican senators to shore up support. GOP Sen. John Kennedy voiced strong support for Powell, expressing disbelief at any potential wrongdoing.
The administration's pressure campaign includes threats of criminal charges. These actions follow Trump's repeated calls for the Fed to cut interest rates. The conflict raises questions about the Fed's autonomy.
Powell, appointed in 2018, has cultivated relationships on Capitol Hill. The coming days will reveal the extent of Republican support and the administration's next move. The situation remains tense as the Fed navigates political pressure.
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