Overview
- The Justice Department served grand jury subpoenas to the Federal Reserve on Friday tied to Jerome Powell’s June Senate testimony about a major headquarters renovation reported at roughly $2.5 billion.
- In a rare video statement Sunday, Powell said the move threatens a criminal indictment and argued it is intended to pressure monetary policy rather than examine his testimony or the project.
- U.S. equity futures fell, the dollar weakened, and gold jumped to a record above $4,600 an ounce as safe‑haven demand rose; silver also rallied strongly.
- President Trump told NBC News he did not know about the investigation and denied it was designed to influence interest‑rate decisions.
- The probe intensifies concern over Federal Reserve independence and succession uncertainty with Powell’s term ending in May, as investors look to this week’s U.S. inflation data for the next catalyst.