Why is the Fed Chair Facing a Criminal Investigation?

Nick Timiraos, a Wall Street Journal reporter and Fed analyst, discusses the recent grand jury subpoenas issued to the Federal Reserve Chair, Jerome Powell. He unpacks the investigation's implications, focusing on cost overruns tied to a Fed renovation. Timiraos describes how this inquiry is seen as political pressure on the Fed and its potential impact on monetary policy independence. He also explores historical parallels and the unsettling thought of a blocked successor, revealing how these dynamics could significantly reshape the Fed's future.