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# Fed Chair Jerome Powell Accused of Perjury by GOP Congresswoman
Federal Reserve Chair Jerome Powell is facing serious allegations after Anna Paulina Luna, a Republican congresswoman, filed a criminal complaint accusing him of perjury. The complaint, submitted to the Department of Justice (DOJ), alleges that Powell provided false testimony during a Senate hearing in June regarding excessive spending on renovating the Fed’s Eccles Building headquarters in Washington, D.C.
# Federal Reserve Renovation Costs Balloon to $2.5 Billion: Allegations Emerge
At the core of the complaint is Powell's June 25 testimony before the Senate Banking Committee, where he claimed renovation costs had stayed within the approved $1.9 billion budget. Contrary to his statement, congressional investigators have uncovered evidence suggesting that the total expenditures have soared to $2.5 billion—exceeding the approved budget by $600 million. If convicted of perjury, Powell could face significant penalties, including up to five years in prison and substantial fines.
This legal complaint presents a major challenge for Powell’s leadership at the Federal Reserve, raising questions about his credibility and further complicating the trajectory of his tenure amid growing political scrutiny.
# Bond Markets React: "Sell 10-Year Treasurys, Buy 2-Year Notes"
The allegations against Powell have sent ripples across U.S. financial markets, with Wall Street speculating on the potential fallout. Former President Donald Trump and his allies have ramped up criticism of Powell, hinting at the possibility of his removal. Analysts believe that if Powell is replaced, his successor—possibly aligned with Trump’s economic agenda—could push for swift interest rate cuts.
In anticipation of this shake-up, Sitreni Research’s bond strategist has proposed a defensive market strategy. The firm’s latest advisory memo recommends buying 2-year U.S. Treasurys while selling 10-year Treasurys, reflecting preparations for a shift toward a lower interest rate environment under new leadership.
# Legal Action Sparks Debate Over Political Intentions
The criminal complaint intensifies the GOP's mounting pressure on Powell, adding a legal dimension to the ongoing criticism of his policies. Trump has been outspoken against Powell for years, accusing him of harming affordability for young Americans by failing to cut interest rates aggressively. On October 20, Trump dismissed a Wall Street Journal report claiming that Treasury Secretary Scott Basent had convinced him to avoid firing Powell during his administration, reigniting debates about Powell’s vulnerability.
Political analysts suspect the criminal proceedings could be part of a broader strategy by Trump loyalists to oust Powell. This isn’t new territory; Powell has been on Trump’s radar since his appointment in 2018 as Janet Yellen’s successor. Despite appointing Powell, Trump has repeatedly expressed frustration with his monetary policies, particularly their impact on borrowing costs and market stability.
# Uncertainty Looms Over Powell's Future Amid Legal and Political Pressures
The evolving criminal case and heightened political scrutiny now place Powell’s future as Federal Reserve Chair under the spotlight. As legal risks intensify and GOP-led efforts to unseat him gain momentum, the fate of Powell’s leadership remains uncertain. Financial markets and political observers alike are bracing for potential seismic shifts at the helm of the U.S. central bank.
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