Powell sent Congress details on $2.5B Fed project following testimony

Summary

CNBC's Emily Wilkins reports that Fed Chair Jerome Powell sent Congress a detailed letter after his testimony, laying out costs and reasons for a $2.5 billion Fed building project's overruns. The disclosure raises questions about whether DOJ claims that Powell withheld information are weakened because lawmakers may already have received the details. Republican senators have publicly defended Powell, while others are in a wait-and-see posture and none have fully endorsed the investigation.

• Emily Wilkins reports Powell sent a detailed letter to lawmakers after his congressional testimony.
• The letter explained cost overruns and answered questions about the Fed building project.
• Financial Times report raises whether DOJ's withheld-information case is undercut.
• Senators Tillis, Dave McCormick, and Kevin Cramer say Powell did not commit crimes.
• Other senators are waiting for more information and no one strongly backs the probe.
• The segment is legal/political news with no direct market or trading recommendation.