- Jerome Powell denied criminal charges and said they are pretexts meant to force Fed rate cuts.
- Powell posted a rebuttal speech on the Federal Reserve website stating the charges seek to influence monetary policy.
- He noted his long service under four administrations and pledged to act without political favor.
- Markets reacted with a flight to safe havens: Gold rose to about $4,600 and silver to about $83.
- The US dollar weakened while Bitcoin showed gains and traded near $90,000.
Jerome Powell responded to indictment charges tied to former President Donald Trump in a speech uploaded on the Federal Reserve website, saying prosecutors aim to force him to cut interest rates and influence Fed policy. Powell rejected the allegations as pretexts and framed the move as an attempt to alter monetary decisions, according to the posted statement on the Fed website.
Powell said the claims were unrelated to routine oversight or building renovations and called them manufactured pressure. “This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
He also stressed his apolitical record and vowed to continue his work as confirmed by the Senate. “I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case. I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do. With integrity and a commitment to serving the American people.”
Financial markets moved quickly after the statement, with investors shifting toward perceived safe havens. Gold climbed to roughly $4,600 and silver near $83, while the US dollar weakened. Bitcoin showed volatility but traded around $90,000.
For additional context and commentary on market implications, see related coverage examining dollar risk and Fed independence.
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