In an extraordinary development, the US Department of Justice has served the US Federal Reserve “with grand jury subpoenas, threatening a criminal indictment” in relation to Fed chairman Jerome Powell’s “testimony before the Senate Banking Committee last June”. While the testimony was regarding the renovation of the Fed’s office buildings, Powell has sought to frame the Justice Department’s move purely in political terms that threaten to undermine the central bank’s independence and autonomy. Pledging to continue doing his job, Powell said that........

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