Dollar Drops on Fed Fears, Iran Says Protests Quelled, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Caroline Hepker.
And I'm Stephen Carroll.
The Federal Reserve has been served with grand jury subpoenas from the US Justice Department. Fed Chair Jerome Powell says the court orders threatened criminal charges related to his testimony about the renovation of the central bank's headquarters.
What legal challenges is the Federal Reserve currently facing?
In a forceful video statement, Powell said that the legal move was designed to exert pressure on the Fed to lower interest rates.
No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role.
How does Jerome Powell respond to the pressures on the Federal Reserve?
The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project. Those are pretexts. 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.
Fed Chair Jerome Powell, who went on to say that the legal action sets the stage for a battle over whether monetary policy will be based on economic data or directed by political pressure and intimidation. In a brief interview with NBC News on Sunday night, President Trump denied knowledge of the U.S. Justice Department's investigation into the central bank. The president said that he believes Powell is, quote, certainly not very good at the Fed and he's not very good at building buildings.
Activists say that more than 500 people have died so far in the latest waves of protests in Iran. After three weeks of demonstrations, the regime in Tehran is confronting the most serious challenge to its authority in years. The US-based human rights activist news agency says it's tracking protests in 186 cities across the country with an estimated 10,000 people already imprisoned. US President Donald Trump says he's closely monitoring the protests and considering potential military options.
We're looking at it very seriously. The military is looking at it. And we're looking at some very strong options.
President Trump added that the regime's leaders had contacted the U.S. on Saturday about negotiations. Meanwhile, Iran's parliamentary speaker, Mohammad Bagher Khalibaf, has this warning for the U.S. if it chooses to strike the country.
Given your explicit admissions regarding your intention to carry out military aggression against Iran within the framework of legitimate self-defence, we do not consider ourselves limited to reacting only after an attack occurs and we will act based on concrete indications of threat.
Iran's parliamentary speaker there speaking via an interpreter. The country's foreign minister, Abbas Aradji, claimed on state television that the country's police and security forces have brought the protests under control.
Bloomberg has learned that a group of European countries, including Germany and the UK, are discussing plans for a military presence in Greenland to show the US president they are serious about Arctic security. But on Sunday night, Donald Trump insisted that ownership of the island was the key issue.
Look, if we don't take Greenland, Russia or China will. And I'm not letting that happen. If we don't take Greenland, Russia or China will take Greenland. And I am not going to let that happen. Yeah, sure, I'd love to make a deal with them. It's easier. But one way or the other, we're going to have Greenland.
The US president added NATO countries need America more than it needs them. For now, Denmark is still hoping a diplomatic trip to Washington this week can calm Trump. Rasmus Jarlov, who chairs the Danish Parliament's Defence Committee, says the American plans don't work for Greenlanders.
They do not want to become Americans. They are not for sale. So it doesn't matter what price the Americans put on the table.
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