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. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role. The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation. I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you. All right, so let me tell you all what I think this is about. All right. I think that the Trump administration is very and when I say very, very, very, very focused on. Very, very, very focused on getting interest rates down. Trump cares about interest rates and he does not like Jerome Powell. That is obvious. He’s been obvious about that. And I think that this is a very difficult situation to assess. And the reason that I say that is that I have to be objective about it. When I say that it’s a difficult situation to assess, I believe that the Fed has to and is required to and is obligated not necessarily to serve the President of the United States of America, but to serve the people.

I know y’all don’t like that. I know y’all don’t like that. The Fed is obligated not to serve the President of the United States of America. They are obligated to serve the people so they independently should be raising and lowering interest rates based off of what they believe. Is best for the economy. Now, we can debate whether or not if they’re doing the thing that is the best for the economy, but they should be independently, independently making decisions, not being coerced by anybody, including the President of the United States of America. Now, that does not mean that the Trump administration should not and is not going to pressure them.

If this is based off of the fact that they don’t agree with Jerome Powell still keeping interest rates at the levels that they’re at. And I also believe that this has a lot to do with banking. It has a lot to do with housing. It has a lot to do with everything that you see happening within the economy because the Trump administration made promises that they would continue to keep costs low. They would make housing affordable, but they would do things that would serve the American people. And I truly believe that both Jerome Powell and the Trump administration has the American people’s interests, their best interests at heart.

I just think that they have differences of opinions on what that is supposed to look like. I believe that they have differences of opinions on what that is supposed to look like, meaning that maybe the Fed or Jerome Powell actually believes that they are supposed to keep interest rates where they’re at. I actually tend to believe that the interest rate should be lower. I think that inflation has regularly been under 3%, closer to 2%, and the Trump administration is trying to get it down under 2% eventually. But at the same time, I still think that they need to be operating independently of the Trump administration.

And if we’re only going after the Fed because we don’t necessarily like what they’re doing or we disagree with them, then that is not a good enough reason for us to actually launch a criminal investigation. Again, I tend to think and side with the idea that interest rates should be lower because that would be better for the economy. That is my own personal opinion on where interest rates should be based off of where we see inflation is and the fact that the Fed raised the rates in order to combat inflation during the Biden administration because it was out of control.

However, I do not believe that if Jerome Powell and the Fed is operating in their belief on the best interests of the people, then obviously they have way more interest or way more understanding about what’s happening in the economy than I will ever have. But if they believe that they are doing the right thing in the interest of the American people, then they should not be harassed. They should be lobbied maybe from the president because that’s his job, but they should not be harassed. You said lower rates is bad for housing. I disagree with you. I disagree with you.

I don’t think that lower rates are bad for housing. I think higher rates is good for the banking industry. Agree. Absolutely, your car. Cheap money means more investments, more jobs, more circulation of the American dollar, more ability for people to spend and buy, buy and sell, start their own business, your funding expansions, all of that. But if the cost of money is too high, then you stifle the economy. You stifle the economy. I actually think that tariffs are good for the economy. You said inflation goes up when rates are lower. That’s not necessarily true. That is not necessarily true.

There’s a lot of factors that goes into inflation. Because you got to remember rates were low when Trump was in office the first time and they had inflation under 2%. That’s not necessarily true. It’s not necessarily true because again, y’all only looking at it from the lens of housing. I’m looking at it holistically. I’m looking at housing. I’m looking at credit cards. I’m looking at auto loans. I’m looking at banks. I’m looking at everything. I’m looking at everything. So I think that the circulation of money actually improves and adds to investment and investing in the economy, especially if you’re trying to incentivize companies to expand and invest more inside of the United States of America.

You need cheaper money in order to have more jobs and more money circulating, which is always going to be better for the economy because it ultimately goes up back into the federal government. But again, I think that two things can be true at the same time. I believe that Jerome Powell actually believes that he’s doing a thing that’s in the best interest of Americans. I think that he’s doing the best thing in the best interest of Americans. I don’t think that Jerome Powell needs this. I don’t think that he needs the job necessarily. I don’t think that any of that type of stuff.

But I think that Trump just fundamentally disagrees, and I think that the Trump administration, if, again, and I’m not saying that they are, but if the Trump administration is launching an investigation to ultimately try to oust Jerome Powell, then I don’t agree with that. I do not agree with that. I think that that would be a bad thing. So you said a 10% cap on credit card interest for one year. I disagree with that also. I disagree with that also because then you’re trying to say that you’re limiting the ability for you as an individual to make a decision of whether you should have a credit card in the first place.

We want ourselves, we want the government to protect us against ourselves. I’m not for more government regulation. I’m for less government regulation. I’m for more accountability from the people, and so I think it’s individually, right? Individually, you have to make an assessment on whether or not this makes sense for you, and the banking industry needs to make a decision on whether or not you’re a good person to extend credit to. You can’t put a 10% cap on it just because you need to not borrow above 10%. You need to not borrow or take out a loan or use a credit card that is going to cost you more than 10%.

I disagree with that. Absolutely not. Absolutely not. So I’m not sure what’s going on to the point to where they’re actually looking to launch an investigation. I know that it must be very, very, very serious if Jerome Powell is putting out an individual video on YouTube and saying that. I think that that’s telling. I think that he’s seeing is probably his last days in the Fed, and then pretty soon you’re probably going to continuously see an interest rates of lower, probably 25 to 50 basis points on the next rate cut. If he keeps rates the same, then he’s going to get more pressure from the Trump administration because Trump wants rates dropping much faster, especially with the midterms coming up.

He needs to see a circulation of money, in my opinion, inside of the economy for people to feel like things are more affordable, but make sure you guys hit a like for the algorithm subscribe to the channel and turn on your notifications. I want to get into one more thing before we get up out of here. Read this super chat pretzel goldfish hits. I don’t care what anybody says says 50% sent shout out to 50% sent now bro you got to go with Jesus. Gotta go with Jesus gotta go with Jesus. Y’all said over renovating a building he leave it anyway now I don’t think it’s about that.

I don’t think it’s about the cost of renovating a building. [tr:trw].

See more of The Millionaire Morning Show w/ Anton Daniels on their Public Channel and the MPN The Millionaire Morning Show w/ Anton Daniels channel.