Fed Chair Powell says he&rsquo s under criminal investigation, won&rsquo t bow to Trump intimidation

• Federal prosecutors have opened a criminal investigation of Federal Reserve Chairman Jerome Powell, he said.
• Powell said the probe was the result of the Fed &ldquo setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of&rdquo President Donald Trump.
• The DOJ served the Fed &ldquo 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,&rdquo Powell said.&rdquo

• A Federal Reserve split over where its priorities should lie cut its key interest rate Wednesday in a 9-3 vote, but signaled a tougher road ahead for further reductions.
• The FOMC&rsquo s &ldquo dot plot&rdquo indicated just one more reduction in 2026 and another in 2027, amid considerable disagreement from members about where rates should head.
• In addition to the rate decision, the Fed also announced it will resume buying Treasury securities. The central bank will start by buying $40 billion in Treasury bills, beginning Friday.

The Fed decision is expected to feature a rate cut and a lot more.

• The Federal Reserve is poised to deliver its third straight interest rate cut Wednesday, while simultaneously firing a warning shot about what&rsquo s ahead.
• The rate-setting FOMC is split between members who favor cuts to head off further weakness in the labor market against those who think easing has gone far enough and threatens to aggravate inflation.
• In addition to the rate decision and the statement, investors will be watching an update to the &ldquo dot plot&rdquo of individual officials&rsquo rate expectations and economic projections.

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