Any lawyer would have advised him to remain silent. But Powell decided to disclose the Justice Department's investigation. All that remained was to carefully choose his words. His lawyer drove to his home and helped him turn the tide.
The question now is whether the Federal Reserve has won this battle while losing the overall war. "I am very pessimistic about whether the U.S. can avoid monetary policy becoming completely partisan during the remainder of Trump's term," said a former senior advisor.
This struggle may determine whether the Federal Reserve remains independent or becomes the next institution to succumb to the president's will.