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The Department of Justice (DOJ) is investigating Federal Reserve Chair Jerome Powell, a move that economists say could deeply impact consumers’ wallets. Powell is being scrutinized for his conduct during a 2019 renovation of the Fed’s boardroom. While this is not a financial mishap, the resulting political turmoil could destabilize monetary policy. Market uncertainty could lead to higher borrowing costs for mortgages and loans, while any potential leadership vacuum at the Fed could undermine the nation’s ability to control inflation.
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