39 m. ago Dollar weakens after US prosecutors launch criminal investigation into Federal Reserve chair Jerome Powell – business live

Rolling coverage of the latest economic and financial newsJustice department opens investigation into Jerome Powell as Trump ramps up campaign against Federal ReserveGold has hit a new high around $4.600 an ounce; it’s up over 1.5% today, pushed up by the weaker dollar.The US dollar has dropped on the foreign exchange markets since news of the investigation into Powell hit the wires.Powell highlighted that the key issue is whether the Fed can continue setting interest rates based on economic data and evidence, or whether monetary policy will be directed by political pressure.I’m afraid we may be moving toward the second scenario. If the Fed becomes a political tool, with its chair replaced by a government puppet, that could further weaken appetite for the U.S. dollar and U.S. bonds. Continue reading...

Events

4 h. ago Fed chair Jerome Powell issues defiant response as federal prosecutors open criminal probe into central bank

Federal prosecutors in Washington have opened a criminal investigation into Federal Reserve Chair Jerome Powell over whether he misled Congress about renovation of the Fed's headquarters.

Events

5 h. ago Justice department opens investigation into Jerome Powell as Trump ramps up campaign against Federal Reserve

Fed chair accuses DoJ of threatening criminal charges over building renovation projects because central bank defied Trump’s interest rate demandsThe Department of Justice has opened a criminal investigation into Jerome Powell and the Federal Reserve, a significant escalation in Donald Trump’s extraordinary attack on the US central bank.Powell said the Department of Justice had served the Fed with grand jury subpoenas on Friday, threatening a criminal indictment related to his testimony before the Senate banking committee in June last year, regarding renovations to the Fed’s historic office buildings in Washington DC. Continue reading...

Politics

5 h. ago Republican senator says ‘independence and credibility’ of Department of Justice is in question amid Powell criminal probe

President Trump has long pressured Powell to cut the central bank’s interest rates

Politics

6 h. ago Federal prosecutors open criminal probe into Fed Chair Jerome Powell

President Trump has long pressured Powell to cut the central bank’s interest rates

Events

67 h. ago Hiring was likely modest in December to end a year of weak job growth

Hiring likely remained subdued last month as many companies have sought to avoid expanding their workforces, though the job gains may be enough to bring down the unemployment rate

Politics

1 week ago Trump says he is considering a ‘gross incompetence lawsuit’ against Fed chairman over building renovation

President threatened to allow ‘a major lawsuit against Powell to proceed’ earlier this year

Politics

1 week ago Trump says he’d ‘love to fire’ Jerome Powell in latest attack on Fed chair

Trump also repeated false claims about renovation costs for the Fed headquarters during a Monday press conferenceDonald Trump launched another attack against Federal Reserve chair Jerome Powell on Monday, calling the central banker a “fool” and once again suggesting he would like to fire him.Trump launched his latest attack on Powell during a press conference with Israel’s prime minister Benjamin Netanyahu, repeating false claims about the cost of a renovation of the central bank headquarters, and told reporters that he might file a lawsuit against Powell for “gross incompetence”. Continue reading...

Events

2 w. ago US stocks rose again in 2025 after overcoming turbulence from tariffs and Trump's fight with the Fed

This was a scary good year for investors

Politics

3 w. ago Employers likely added 40,000 jobs in November as government releases report delayed by shutdown

The U.S. job market is sluggish and confusing this fall

Politics