The U.S. Department of Justice recently issued a subpoena to the Federal Reserve regarding a large-scale building renovation project and related matters involving Fed Chair Powell's testimony before Congress last year. This move has attracted the attention of several senior Fed officials, who have publicly emphasized the core value of central bank independence.

Minneapolis Fed President Kashkari was the first to comment, stating outright that the Department of Justice's investigation is essentially exerting pressure on interest rate policy. In an interview, he frankly admitted, "The developments over the past year ultimately revolve around monetary policy." More notably, Kashkari said at an event hosted by the Wisconsin Bankers Association that even if there are personnel changes in the Fed leadership in May, the central bank's independence in interest rate decisions will still be maintained—"Successors have only one vote, and the final decision still depends on more persuasive arguments. I believe the committee will continue to make decisions based on data and analysis."

This stance is not isolated. Presidents of the Chicago and Atlanta Fed have also publicly stated that the Fed's ability to set interest rates free from political interference is crucial. The New York Fed President further emphasized that "central bank independence is vital for stabilizing inflation expectations."

In contrast, Fed Governor Mester has adopted a more cautious attitude, expressing reservations about the potential long-term impacts of the Department of Justice investigation. These differences reflect the complex internal attitudes within the Fed towards external pressures—balancing the defense of policy autonomy with addressing various concerns.