Fed Stands Firm Amid DOJ Probe, Iran Claims Full Control, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. New legal pressure on the Fed has Wall Street facing pressure this morning. Chair Jay Powell says the Justice Department has served subpoenas on the central bank over his testimony about the Fed's building renovations last year.
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.
Chairman Powell in a video statement last night. Now, sources tell Bloomberg News Federal Housing Finance Director Bill Pulte was a driving force behind this. Pulte says that's not his purview.
We are focused on bringing down not only the mortgage rates, but also the day-to-day cost in upkeeping homes, which has to do with, you know, whether it be your ongoing expenses, mortgage insurance, etc.,
FHFA Director Bill Pulte spoke on Bloomberg's surveillance, but Bloomberg's Mike McKee reports this is a major escalation, with Powell just four months away from ending his Fed chair term.
It may be that the longer-run effort by the administration is to intimidate Powell himself, not so much to get rates cut, but to get him to decide to resign as a governor once his term as chairman is up at the end of May.
Bloomberg's Mike McKee reporting, and the pressure is facing growing pushback on Capitol Hill. Republican Senator Lisa Murkowski just posted on X that she supports fellow Republican Tom Tillis' block on confirming any other Fed nominees until the Justice Department probe is fully resolved. Right now, the S&P 500 is higher, but almost by just a tenth of 1%. The Dow Jones Industrial Average is still lower by a tenth percent. The Nasdaq Composite is firming up. It is higher by a quarter of 1%. Iran's foreign minister says security forces in that country have full control as the biggest wave of violent protests the regime has seen in decades enters its third week. Goldnar Motavali heads Bloomberg's Iran coverage.
He was quite determined to push this narrative now that, to quote him, rioters and terrorists have been responsible for the damage and the destruction and even the killing that's been going on.
Bloomberg's Gulnar Motavalli says activists report more than 540 deaths in Iran in just the last two weeks. President Trump says he's weighing options, including a military response, though he says Tehran's leaders want to negotiate. Germany's foreign minister is meeting today with Secretary of State Marco Rubio to talk about Greenland as Europe tries to show it takes President Trump's Arctic security concerns seriously. Bloomberg's Oliver Crook has more from Brussels.
What we heard from the president yesterday, he is not interested in leasing the territory. He's not interested in a temporary solution. He's interested in ownership. So the Europeans are trying to address the security part of that. But if this for Donald Trump is more about exploiting the resources of Greenland or potentially just expanding the U.S. landmass for his own legacy and for his own interests, that is going to be a very difficult thing for the Europeans to convince him.
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