Former Federal Reserve Chair Janet Yellen criticized an investigation into her successor, Jerome Powell, calling it a threat to the central bank’s independence. Yellen expressed surprise that financial markets weren’t more concerned about the situation, which she described as “extremely chilling.” Powell faces allegations of lying to Congress about a costly Fed renovation project, with the U.S. Attorney’s Office in Washington, D.C., reportedly looking into the matter.

Yellen defended Powell, asserting that he wouldn’t lie and that the investigation is likely motivated by a desire to remove him from his position. Yellen, who served as Treasury secretary under both Trump and Biden, faced criticism for her handling of national debt issuance. She rejected the idea of using the Fed’s borrowing rate to manage the debt, calling it irresponsible and a path to a “banana republic.”

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3. Pfizer and Moderna expect Covid-19 vaccine booster shots will be needed as protection wanes over time. FDA authorization for boosters could come as early as September.: Yellen says Powell probe ‘extremely chilling’ for Fed independence, market should be concerned