Fed Chair Powell Faces Investigation Over False Testimony, Renovation Costs Surge to $750M
- Investigation Launched: Federal prosecutors have initiated an investigation into Fed Chair Jerome Powell, focusing on whether he provided false testimony to Congress regarding the renovation of the Fed's historic headquarters, which could significantly impact his legal standing if proven true.
- Budget Overruns: The renovation project for the Eccles Building has seen its budget balloon from an initial $450 million to approximately $750 million, highlighting severe management issues that may prompt Congress to further scrutinize the Fed's transparency and expenditure controls.
- Market Reaction: Financial markets are showing sensitivity to the uncertainty surrounding Fed leadership during the investigation, and while analysts generally expect limited immediate impacts on monetary policy, prolonged uncertainty could affect confidence in bond and currency markets.
- Historical Context: The investigation into Powell is exceptionally rare in Fed history, with the last comparable situation occurring in the 1970s, underscoring ongoing congressional interest in the operations of the central bank and potentially leading to increased oversight in the future.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
About the author
