President Donald Trump has amassed more and more control over economic policy. Fed chair Jerome Powell is the most powerful independent actor left. On Sunday night, Federal Reserve chair Jerome Powell gave a surprise video statement declaring he was under threat of criminal indictments, having been served with grand jury subpoenas from the Department of Justice. On paper, the matter was over cost overruns for renovations to historic Federal Reserve buildings and Powell’s related testimony to Congress. But Powell said that these were just a pretext, and the real reason was “a consequenc...

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