The Globe and Mail reports in its Wednesday edition that the Federal Reserve is expected to hold rates steady on Wednesday, but uncertainty looms as it will be the first decision with the Fed chair under criminal investigation. The Globe's guest columnist Lawrence Schembri writes that earlier this the Department of Justice targeted Chair Jerome Powell. This probe is part of a broader attempt by President Trump to exert control over the Federal Reserve. Mr. Trump's efforts have not gone unnoticed by the markets. If he dominates the Fed, he risks worsening an already bad situation. The Fed's credibility stems from the operational autonomy granted by Congress. Since returning to the White House a year ago, Mr. Trump has tried to concentrate economic power in his office. He has repeatedly disparaged the Fed, reflecting his resentment of its independence, and made baseless ad hominem attacks on Mr. Powell, while criticizing him and the Fed for not lowering interest rates further to stimulate economic activity. In fact, Mr. Schembri says there is no strong case for additional rate reductions because inflation has been above the Fed's 2-per-cent target and economic growth in the U.S. has been stronger than expected.