Hours before his anticipated speech, U.S. Representative Anna Paulina Luna referred Federal Reserve Chairman Jerome Powell for criminal accountability, according to Fox News.
Gold futures prices are starting above $3,400 per ounce while the price of bullion stands at $3,394 per ounce. The dollar index is down 0.60%.
The referral does not mean that formal criminal charges have been directed against the Federal Chair. However, this event comes as part of a series of attacks by President Trump and his administration on the Federal Chair for the latter's refusal to lower interest rates.
Last week, media outlets reported from sources that Trump had indeed written a memo to impeach Jerome Powell from his position, which Trump denied. Trump stated that he would only remove Powell if he was sure of his involvement in wasting public funds. Trump and members of his administration claim that Powell spent $2.7 billion on renovating the Federal building.
Reports indicated that Treasury Secretary Scott Pisent was the one who persuaded Trump to reconsider removing Powell. Pisent justified the decision by highlighting the strong repercussions such a move could have on the economy and markets.
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