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Judge Rejects Subpoenas of Fed in Powell Case, DOJ to Appeal
A federal judge rejected Justice Department subpoenas seeking records from the Federal Reserve Board related to its headquarters renovations and Chair Jerome Powell's comments to Congress. The judge said the government had no evidence to justify the subpoenas and they reflected an "improper motive" of retaliating against Powell over policy differences. The US Attorney's Office for the District of Columbia said they would appeal the decision, which was welcomed by a Republican senator who called the investigation "a failed attack on Fed independence". Bloomberg's Elliot Stein joins to discuss.
Krugman Says Pirro Is Harassing Fed Chair Powell
Nobel laureate Paul Krugman, a City University of New York professor, reacts to a federal judge's ruling that blocks a federal investigation of Fed Chair Powell. Krugman says President Trump and US Attorney for the District of Columbia Jeanine Pirro are "harassing" Powell. Krugman says the independence of the Fed is on the line.
Voters Still Unclear By Trump's Goals in Iran as Strikes Continue
The US said it had stepped up strikes on Iran to unprecedented levels as both sides in the war threatened to escalate a conflict hitting its two-week mark. The US-Israeli alliance has hit around 15,000 targets since the war began, and the Pentagon has sent a Marine expeditionary unit to the Middle East. Iran's Supreme Leader Mojtaba Khamenei said the Islamic Republic would seek to ensure the Strait of Hormuz remains effectively closed, and warned Tehran would look to open other fronts in the war if the US and Israeli attacks continue. Cliff Young, Ipsos US Public Affairs Chair, Professor at Texas A&M University's Bush School of Government and Public Service join to discuss the voters point of view on the conflict.
Fed Doesn't Want to Preemptively Cut: Patel
Traders are now fully pricing in the next quarter-point rate reduction in mid-2027, and a growing chorus of Wall Street economists have also pushed their calls for the next cut further out the calendar. Nisha Patel, SMA fixed income portfolio manager at Parametric, joins Emily Graffeo and Matt Miller on "Bloomberg Real Yield."




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