This post was originally published on this site.
00:00 Speaker A
Let’s get to the three things you need to know today. The Trump administration raising the stakes in its criticism of Fed Chair Jerome Powell. The Fed receiving grand jury subpoenas from the Justice Department, which threaten a criminal indictment over Powell’s testimony about the Fed’s renovation project. And this time, Powell is speaking out.
00:24 Jerome Powell
I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure. 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.
01:05 Speaker A
The news rattling markets as the so-called sell America trade comes back into focus. Dow futures showing declines when the opening bell rings. Nasdaq and S&P 500 also pointing to sharp losses at the open. And with the fear trade back, front and center, investors are fleeing to what they see as safe havens, especially precious metals. Gold is smashing through a new all-time high around $4,600 an ounce, and silver is also at new records. And investors are also waiting for earnings season to get underway. Airlines and financials in focus this week as things heat up on Tuesday ahead of the opening bell. But the banks are also facing new pressure from President Trump as he called to cap credit card interest rates at 10%.