Powell Fed Subpoena Push Back ,Trump: US Considering Iran Options, 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 threaten criminal charges related to his testimony about the renovation of the central bank's headquarters.
What legal actions are being taken against the Federal Reserve?
In a forceful video statement, Powell said 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. The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.
How does Jerome Powell respond 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 night, President Trump denied knowledge of the U.S. Justice Department's investigation into the central bank. The president said 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. Within 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 Iran, with an estimated 10,000 people already imprisoned. US President Donald Trump says he's 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-defence, we do not consider ourselves limited to reacting only after an attack occurs and we will act based on concrete indications of threat.
That was Iran's parliamentary speaker there. His words, spoken by a translator, communications in the country remain largely cut off, which has made it difficult to track the full scope of the protest movement. President Trump says 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, are discussing plans for a military presence in Greenland to show the US president they are serious about Arctic security. On Sunday night, Donald Trump insisted 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 President 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.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–0:19
2
What legal actions are being taken against the Federal Reserve?
0:19–0:54
3
How does Jerome Powell respond to the subpoenas?
0:54–6:24
4
What are the implications of political pressure on the Federal Reserve's monetary policy?
6:24–6:32
Speakers
7 identifiedMore from Bloomberg News Now
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