European rating agency: The judicial investigation of Powell is another blow to the independence of the Federal Reserve.

European credit rating agency Scope Ratings has stated that the new legal offensive launched by the Trump administration against the Federal Reserve further threatens the independence of the Fed and will make it even harder for the next Fed chair to fulfill their duties. The agency pointed out in a statement on Monday that the criminal investigation into Fed chair Powell was another example of policy considerations that led the agency to downgrade the US sovereign credit rating to the fourth-highest level, on par with France, in October last year. Eiko Sievert, the director of sovereign and public sector ratings at Scope, said, "This is one of the main negative factors leading to the downgrade of the US sovereign rating to AA-. The legal action against the Fed further exacerbates the political and legal pressure on the independence and credibility of this key pillar of the US governance system." Among major rating agencies, Scope's view on the US is notably more pessimistic. Following the downgrade last year, the US rating level is two notches lower than those of mainstream agencies like Moody's.