Dollar slides as Trump administration steps up attack against Federal Reserve
The Trump administration sharply intensified its assault on the Federal Reserve’s independence this evening, threatening a fundamental cornerstone of the international monetary and financial system—and a key factor underpinning the dollar’s global dominance. According to multiple news sources and officials themselves, US prosecutors today served the central bank with grand jury subpoenas and a threat of criminal indictment over Chair Jerome Powell’s testimony before the Senate Banking Committee last June—in which he defended cost overruns on a long-standing headquarters renovation projection. In a video statement released on the bank’s website, Powell dismissed the scrutiny as a politically-motivated attempt to undermine...