00:00The Trump administration is escalating its battle with the Federal Reserve,
00:05threatening to indict Fed Chair Jerome Powell over comments he made to Congress
00:10about renovations at Fed buildings.
00:13Powell called the probe unprecedented,
00:16saying it appears linked to his refusal to cut interest rates
00:19despite repeated public pressure from Trump.
00:22The threat of criminal charges is a consequence of the Federal Reserve
00:26setting interest rates based on our best assessment of what will serve the public
00:31rather than following the preferences of the President.
00:35This is about whether the Fed will be able to continue to set interest rates
00:39based on evidence and economic conditions
00:41or whether instead monetary policy will be directed by political pressure or intimidation.
00:47The probe marks a new escalation in Trump's ongoing dispute with Fed Chair Jerome Powell,
00:52whom he nominated in 2017.
00:54Trump has repeatedly threatened to remove Powell,
00:58criticising him for not cutting interest rates fast enough.
01:01In the second half of 2025, the Fed lowered rates three times.
01:06Powell's term as Fed Chair ends in May,
01:08but he will remain on the Federal Reserve's Board of Governors until 2028.
01:13I don't know who does that.
01:14I don't know who does that.
