In a new statement, Cato scholar Jai Kedia says “A federal judge has blocked the subpoenas issued to the Federal Reserve as part of the federal criminal investigation into Fed chair Powell.

In a scathing ruling, Judge Boasberg says: “There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will.”

This ruling all but confirms that the primary motivation of these subpoenas is to violate Fed independence and force lower rates. This is dangerous and counterproductive to sound monetary policy.

The administration should cease its pressure campaign against Chair Powell to lower rates.”

To speak with Kedia, please reach out to Emily at esalamon@​cato.​org