"The Department of Justice announced on Friday that it has dropped its investigation into Federal Reserve Chair Jerome Powell, after losing a major ruling in court last month. This is the latest chapter in President Donald Trump's ongoing attempts to bully the Federal Reserve into manipulating interest rates on the president's behalf."
"The government's failure also highlights an ongoing challenge to the legality of the Federal Reserve's independence as a whole, and marks a rare moment in this Supreme Court term where the Trump administration is on the legal back foot."
"Powell's insistence on determining rates based on the board's view of the country's long-term economic health has made Trump extremely angry. In addition to publicly demanding that Powell lower rates, he had gone on tirades threatening..."
The Department of Justice has ceased its investigation into Federal Reserve Chair Jerome Powell after a significant court ruling. This decision underscores President Trump's ongoing efforts to pressure the Federal Reserve into adjusting interest rates for political gain. Powell's commitment to maintaining the Fed's independence has drawn Trump's ire, reminiscent of past presidential attempts to influence the Fed. The outcome of this investigation reflects broader challenges to the legality of the Federal Reserve's autonomy and marks a rare setback for the Trump administration in legal matters.
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