The Justice Department is going after the Federal Reserve.

From Marketplace, I'm Sabri Beneshore, in for David Brancaccio.

The Justice Department is investigating Federal Reserve Chair Jerome Powell, allegedly

over his testimony to Congress around building renovations.

Chair Powell offered a forceful video response on Sunday after revealing the Fed had been

subpoenaed.

Let's bring in Julia Coronado for more.

She's founder and president of macro policy perspectives and a professor at U.T. Austin.

Hi, Julia.

Good morning.

So here's some of what Chair Jerome Powell had to say on Sunday.

I have deep respect for the rule of law and for accountability

in our democracy. No one, certainly not the chair of the Federal Reserve, is above the law. But this

unprecedented action should be seen in the broader context of the administration's threats and

ongoing pressure. Yeah. So what is that broader context? What is this ultimately about?

Well, he went on to say that this is about whether the Fed will be able to continue to set interest

rates based on evidence and the economy, or whether instead monetary policy will be directed

by political pressure and intimidation,

an extraordinary statement coming from the chair of the Federal Reserve.

What did you think when you saw this headline?

I was glad to see the statement from Chair Powell immediately after I saw the first headline.

I think it's appropriate at this

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