The consequences of the Trump administration’s criminal investigation into the country’s top central banker are being felt around the world. This investigation ostensibly focuses on potential/alleged lies in Powell’s congressional testimony about budget overruns related to renovations to the bank’s 88-year-old headquarters. Many political observers, however, see it as yet another attempt by Trump to gain personal control over U.S. monetary policy – ​​and, most importantly, interest rates, as the president seeks to rapidly boost U.S. economic growth through aggressive rate cuts. This is causing serious concern in global markets, as investors who rely on the Fed’s independence fear it risks being lost.
