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Trump: Justice Department subpoena of the Fed is unrelated to interest rates…denies intervention claims
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Summary
- President Trump said the subpoena issued by the Department of Justice (DOJ) to Fed Chair Jerome Powell is not related to the policy rate or monetary policy.
- President Trump was reported to have denied claims that he intervened in the issuance of a Fed subpoena by the Justice Department.
- It was reported that market participants have been raising speculation over whether this Fed-related subpoena could be linked to the Federal Reserve’s independence or the direction of monetary policy.
U.S. President Donald Trump drew a line between himself and the Justice Department’s subpoena involving Jerome Powell, chair of the Federal Reserve (Fed), saying he has nothing to do with the matter.
On the 12th (local time), according to Walter Bloomberg, Trump said, “The subpoena issued by the Department of Justice (DOJ) to Fed Chair Powell has absolutely nothing to do with the policy rate or monetary policy.” He dismissed interpretations linking the issue to interest-rate decisions.
Trump also denied claims that he intervened in the DOJ’s process of issuing a subpoena to the Fed. He was reported to have stressed that, as president, he neither engaged in nor directed the DOJ action targeting the Fed.
The remarks came as political interpretations have been spreading over the DOJ subpoena related to the Fed. In markets, various views have been raised as to whether the matter could be linked to the Federal Reserve’s independence or the direction of monetary policy.
