Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Nathan Hager. And I'm Karen Moscow. Karen, we begin with an escalation in the feud between the Trump administration and Fed Chair Jay Powell. This time, the Justice Department is involved. Bloomberg's John Tucker joins us with the very latest. John.
Chapter 2: What are the implications of the DOJ subpoenas on the Federal Reserve?
And Nathan, Federal Reserve Chair Jerome Powell says the U.S. Central Bank has been served grand jury subpoenas from the Justice Department threatening a criminal indictment. Powell made the announcement in an extraordinary video statement released last night. This unprecedented action should be seen in the broader context of the administration's threats.
and ongoing pressure the trump administration last summer ramped up scrutiny over the fed's renovation of two buildings and rising costs associated with the project but powell says that is just pretext to end fed independence 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. In an interview with NBC News Sunday, President Trump denied having any knowledge of the investigation into the central bank. The president has repeatedly called for aggressive rate cuts and has repeatedly mused about firing Powell. At the end of last year, Trump said he was considering a gross incompetence lawsuit against Powell.
In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you. Bloomberg News has learned Federal Housing Finance Agency Director Bill Pulte was a driving force behind the Trump administration's decision to subpoena the Federal Reserve. Pulte has been a vocal force within the administration investigating Trump's foes for mortgage fraud.
He also submitted a criminal referral to the DOJ about Fed Governor Lisa Cook that is at the root of Trump's push to fire her. The latest Fed subpoena has drawn criticism from Democrats like Massachusetts Senator Elizabeth Warren and Republican Senator Tom Tillis of North Carolina. Tillis says he will oppose the confirmation of any nominee for the Fed until the legal matter is fully resolved.
And stay with Bloomberg for continuing coverage of the Fed subpoenas at 7.30 Wall Street time. FHFA Director Bill Pulte joins Bloomberg surveillance. You can listen to that conversation live on Bloomberg Radio and watch on Bloomberg Television and the Bloomberg Podcast channel on YouTube.
Nathan Sell, America's sentiment is sweeping through markets today after the Trump administration escalated its attacks on the Federal Reserve. The dollar, treasuries, and U.S. equity futures are all sliding in early trading.
The sell-off revives debate over just how far the president can and should influence the nation's rate stance, which in recent decades has been insulated from political interference so as to ensure price stability. Gold and silver in turn trading at record highs this morning.
In the Middle East, Karen, Iran's foreign minister says security forces have, quote, full control of the country after two weeks of ongoing upheaval. Activists say at least 540 people have been killed so far in the latest waves of protests in Iran. President Trump says he is closely monitoring the situation and considering potential military options. We're looking at it very seriously.
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Chapter 3: How has President Trump's stance affected the Federal Reserve's independence?
The NFL playoffs tripleheader began in Jacksonville. The Bills and Jaguars, six lead changes, four in the fourth quarter. Josh Allen's touchdown run with just over a minute to play gave Buffalo a 27-24 victory. It's the Bills' first playoff road win since 1992. Next stop, Philadelphia, the 49ers.
A trick play touchdown, first play of the fourth quarter, and then with five minutes to go, Christian McCaffrey scored on a pass from Brock Purdy. Niners dethroned the Eagles 23-19. Last night, the Patriots beat the Chargers 16-3. That's your Bloomberg Sports Update. Thanks, John. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow. I'm Nathan Hager, and this is Bloomberg.