Powell: The Fed’s last hope?

“In the annals of political lawfare there’s dumb, and then there’s the criminal subpoena federal prosecutors delivered to Federal Reserve Chairman Jerome Powell” last week, said The Wall Street Journal in an editorial. The feds accused Powell of lying to Congress about running over budget on the central bank’s $2.5 billion renovation project. But make no mistake: This “dubious” prosecution is really a “pretextual political assault” to force Powell out so that he can be replaced by someone who will do President Trump’s bidding.