Biden Warns: Fed Investigation Causes Market Turbulence, May Lead Powell to Refuse Handover

According to AXIOS, two sources revealed that US Treasury Secretary Janet Yellen told Trump on Sunday night that the federal investigation into the Fed chairman has 'made a mess' and could have a negative impact on the financial markets. A source familiar with Yellen's conversation with Trump said, 'The Secretary is very unhappy, and he has let the President know.' Currently, Trump seems to be deliberately distancing himself from the investigation into Fed Chairman Powell. Sources said that US prosecutor Jeanine Pirro's office in Washington initiated the investigation without prior notification to the Treasury Department, White House officials, or the Justice Department headquarters. Another source said, 'Yellen believes that when the President appoints a new Fed chairman, Powell will leave. But that won't happen now. Powell's stance is now stronger. This really messes things up.' However, sources said that Yellen did not question the necessity of investigating Powell in her conversation with Trump, nor was she defending the Fed chairman.

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