Powell to step down? DOJ launches criminal probe against Fed chair: 'Abuse of taxpayer dollars!'

The Trump administration has dramatically intensified its pressure campaign against the Federal Reserve, as US prosecutors open a criminal probe into Fed Chair Jerome Powell. The investigation focuses on Powell’s testimony about the multi-billion-dollar renovation of the Federal Reserve’s headquarters, a project US President Donald Trump has repeatedly criticised as over budget. Powell has pushed back, calling the probe a political pretext designed to pressure the Fed into slashing interest rates, something Trump has openly demanded to boost borrowing and economic growth.