Fed under Fire

The DOJ is calling foul on the Fed.

On Friday, the Justice Department subpoenaed the Federal Reserve over Fed Chair Jerome Powell’s allegedly misleading testimony to Congress about the Central Bank’s $2.5B renovation (see mock-ups here). 

Powell says the “threat” is not about the reno or his testimony, but that President Trump is weaponizing criminal charges to pressure the Fed to lower interest rates. Economists, most GOP Senators, and the central banks of other countries have stood behind Powell, calling for protection of the bank’s political independence. Trump said he didn’t know about the subpoenas, and Powell’s “only pressure” is high interest rates.

Markets didn’t like the news. S&P 500 stock futures fell around 0.7% after Powell’s statement, and prices of gold—an asset sought during uncertain times—reached a record high early Monday. 

ETERNAL PERSPECTIVE
No matter who’s in charge in the White House or the central bank, God will remain in control of your finances and your future. In the midst of economic uncertainty on earth, set your hope on the mindblowing prosperity we will enjoy with Christ when He comes. 

“Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.”
1 Peter 1:3-4 (CSB) (read full passage)