Trump pressures Jerome Powell after DOJ sends subpoenas to the Federal Reserve.

• DOJ sends subpoenas and increases tension with the Federal Reserve.
• Powell defends Fed autonomy in monetary policy.
• Markets react with dollar falling and gold at record high.

Federal Reserve Chairman Jerome Powell stated that the U.S. central bank has received subpoenas from the Department of Justice (DOJ). According to him, this measure threatens criminal liability following his testimony before Congress in June regarding ongoing reforms at the institution's headquarters.

In a statement released Sunday night, Powell denied that the action was related to his testimony or administrative work. According to the Fed chairman, the initiative should be interpreted as part of a broader dispute involving the conduct of monetary policy.

“These are pretexts,” Powell said. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will be best for the public, rather than following the president’s preferences.”

The official added that the core of the problem is the central bank's independence from external pressures. "It's a question of whether the Fed will be able to continue setting interest rates based on evidence and economic conditions—or whether, instead, monetary policy will be driven by political pressure or intimidation."

The impact was immediate in global markets. The US dollar weakened against major currencies, while gold extended its gains and reached new all-time highs. S&P 500 futures also fell by about 0,3%, reflecting investor caution in the face of increased institutional risk.

The initiative by the government of the current US president, Donald Trump, marks a significant escalation in the long-standing dispute with the leadership of the Fed. Trump publicly advocates for more aggressive interest rate cuts and has already expressed dissatisfaction with the monetary authority's stance on inflation and economic growth.

Furthermore, the president previously attempted to remove another Federal Reserve official, an action that remains under judicial review. According to Powell, this context reinforces the interpretation that the subpoenas are part of a strategy of ongoing pressure.

He stated that the potential indictment “must be viewed in the broader context of the administration’s ongoing threats and pressure.” According to Powell, preserving the Fed’s autonomy is essential to ensuring technical and predictable decisions based on economic data, not political agendas.

Even in the face of this adverse scenario, the chairman of the Federal Reserve declared that he will remain in office. Powell said he will continue to perform his duties "with integrity and a commitment to serving the American people," signaling that the institution will maintain its operations in accordance with the legal mandate established by Congress.