Video message from Federal Reserve Chair Jerome H. Powell.

@kevinrothrock
Extraordinary.
https://mastodon.social/@RunRichRun/115879709325107743

@kevinrothrock
https://mas.to/@mcpinson/115880172159576881

@kevinrothrock as if the tariffs didn't put the US economy in the toilet

not just cause the US imports a lot, but cause some of those imports go to US factories to make things - the kind of nuance that flies clear over Donald Trump's head

now they want to meddle with the interest rate so inequality can become further exacerbated

drive up unemployment

amazing... ly stupid

@kevinrothrock That he even feels he needs to do this should be an eye opener.

@kevinrothrock Crikey

@kevinrothrock This man has a backbone!!

@kevinrothrock Yeah. Frankly I despise Trump et al. but this guy is an asshole too, a servant of the 0.1% owner-donor rentier parasites.

@kevinrothrock
This is significant enough that it has actually made it to the BBC News front page in the UK.

@kevinrothrock I look forward to other government officials growing a spine.

@kevinrothrock He's one of the few officials of the government that can openly defy the Orange Mess and get away with it.

@kevinrothrock
Transcript:

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. 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. 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.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you.

@kevinrothrock Trump has met his match, the USD.

@Npars01 @czarbucks @kevinrothrock

Project 2025 is the product of a real conspiracy, and its implementation by the present Government is a very real threat.

The attack on Powell is dishonest. Seeing it along with runaway tariffs, redirection of national money flows into Krasnov's hands, coerced equity handovers by corporations, and entanglement of US money with an unfettered crypto market, it's not unreasonable to worry about a collapse of the US economy, which would benefit Russia.