The Chairman of the US Federal Reserve, Jerome Powell, stated that the financial institution faces the threat of legal proceedings as part of a pressure campaign linked to his refusal to comply with President Donald Trump's directives on interest rates. Powell added in a statement that the Federal Reserve has received a summons from the Department of Justice, which could lead to criminal charges related to his testimony before the Senate in June regarding a major project to renovate the institution's building. Powell placed the summons in the context of the pressure Trump is exerting on the Federal Reserve to push for a larger cut in interest rates, while inflation remains above 2%. Consequently, the prices of gold and silver reached record levels, with gold's price approaching $4,600 per ounce, while silver's price hit around $85 per ounce for the first time. In a video posted on the institution's website, Powell stated that «the threat of criminal charges is a result of the Federal Reserve setting interest rates based on our best assessment of what will serve the people, rather than following the President's preferences». He considered the connection between the summons and his testimony to be merely a «pretext». The day before, Trump denied any knowledge of the investigation being conducted by the Department of Justice into the Federal Reserve, and said in an interview with NBC: «I know nothing about that, but (Powell) is certainly not good at the (Federal Reserve), and not good at building buildings».
