The U.S. Department of Justice has launched a criminal investigation into Federal Reserve Chairman Jerome Powell.

In a video statement, Chair Powell said he is not above the law. But he also characterized the investigation as a politically motivated attempt to influence independent action of the Federal Reserve.

As the political feud plays out, we talked with macroeconomist Joe Santos for insight into the consequences for the future of monetary policy.

Joe Santos directs the Ness School of Management and Economics at SDSU, where he leads the Dykhouse Program in Money, Banking, and Financial Regulation.

He writes a companion piece for these Monday Macro conversations. Search @josephmsantos on the Substack platform.