Jerome Powell has hit back at indictment charges launched by Trump, firing back in a calm yet poignant speech. Powell claimed how the US administration’s bid to launch a criminal investigation against him is solely to compel him to conduct aggressive rate cuts and influence the Fed policy in a pushy manner. This development has triggered a market frenzy at the moment, bolstering certain assets in price and valuation.
Also Read: Jerome Powell Probe Sparks Dollar Risk as Fed Independence Cracks
Jerome Powell Responds to Trump’s Indictment Charges
Powell has hit back at Trump in a new statement, a speech uploaded on the Federal Reserve’s official website. In this statement, Powell has refuted all allegations laid by the US administrative forces, claiming how these charges are nothing but a pretext and that, under it all, the forces want Powell to surrender to perform aggressive rate cuts.
“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.”
Powell later shared how his role as the Federal Reserve chair has spanned four administrations and that he has carried out his duty without any political fear or pressure. He later outlined how he will continue to serve the people, without backing out in any way.
“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.”
Assets On The Move As Powell Hits Back
The criminal charge allegations against Jerome Powell have made global investors flee to safe haven assets for some refuge. Gold and silver are locking heads, as gold surged to sit at $4600 with silver sitting at $83, both marking new exceptional highs as market tensions continue to soar.
In addition to this, the US dollar is also getting impacted in the process. The rising macroeconomic tensions have taken a toll on the dollar, with investors dumping it hard and fast to move towards solid safe haven assets.
Bitcoin on the Move Too?
Bitcoin is currently showing a volatile stance, but the token has managed to score a few upticks before stabilizing at $90K.
Also Read: US Dollar Could Break Down in Early 2026, Then Reverse Course