Fed Served With Subpoenas, Iran Edges Toward Revolution
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
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. In a forceful video statement, Powell said the legal move was designed to exert pressure on the Fed to lower interest rates.
What legal challenges is the Federal Reserve facing?
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. The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.
How is Jerome Powell responding to the subpoenas?
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 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 or intimidation. In a brief interview with NBC News on Sunday, President Trump denied knowledge of the U.S. Justice Department's investigation into the central bank. The president said he believes that Powell is, quote, 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. With 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's news agency says that it's tracking protests in 186 cities across Iran, with an estimated 10,000 people already imprisoned. President Trump says that he is 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 reached out for negotiations on Saturday. Meanwhile, Iran's parliamentary speaker, Mohammad Bagher Khalibaf, has this warning for the US 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-defense, we do not consider ourselves limited to reacting only after an attack occurs, and we will act based on concrete indications of threat.
the words of Iran's parliamentary speaker there, spoken by a translator. Communications in Iran remain largely cut off, which has made it difficult to track the full scope of the protest movement. And President Trump says that he now plans to speak to Elon Musk about activating his Starlink service to help restore internet access in Iran.
Bloomberg has learned that a group of European countries, including Germany and the UK, is discussing plans for a military presence in Greenland to show the US President they're serious about Arctic security. But on Sunday night, the US President insisted that ownership 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.
Is there any deal they can offer you?
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.
U.S. President added that 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 Jarlow, who chairs the Danish Parliament's Defence Committee, says the American plans don't work for Greenlanders.
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