Powell: The criminal prosecution threat issued by the U.S. Department of Justice is due to the Federal Reserve's independent rate-setting

Federal Reserve Chairman Powell issued a statement that the U.S. Department of Justice delivered a grand jury subpoena to the Federal Reserve on Friday, targeting criminal charges related to his testimony before the Senate Banking Committee last June. Jerome H. Powell stated that the testimony involved a multi-year renovation project for the Federal Reserve building, but the real reason for the criminal charges is the Federal Reserve's setting of interest rates based on economic assessments, rather than following the president's preferences.

He emphasized that the Federal Reserve must formulate monetary policy based on evidence and economic conditions, rather than being influenced by political pressure or intimidation. He will continue to fulfill the responsibilities confirmed by the Senate, committed to the mission of maintaining price stability and full employment.