4 h. 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

8 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

10 h. ago US prosecutors investigate Jay Powell over revamp of Fed headquarters

Central bank chair says probe is retaliation for refusal to bow to Trump’s demand for interest rate cuts

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10 h. ago US prosecutors launch criminal investigation into Fed’s Powell

Central bank chair says grand jury subpoenas are retaliation for refusal to bow to demand to cut interest rates

Events

3 d. ago Judge disqualifies federal prosecutor in investigation into New York Attorney General Letitia James

A judge has disqualified a federal prosecutor from overseeing investigations into New York Attorney General Letitia James

Events

8 d. ago Swiss prosecutors place bar managers under investigation after deadly fire

Suspected offences include homicide by negligence, causing bodily harm by negligence and arson by negligenceThe two managers of a bar where a blaze on New Year’s Day killed at least 40 people have been placed under criminal investigation, Swiss prosecutors said.The offences they are suspected of having committed are homicide by negligence, causing bodily harm by negligence and arson by negligence, the prosecutors’ office in the canton of Valais said in a statement on Saturday. Continue reading...

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1 week ago German prosecutors will drop investigation of Russian magnate Usmanov upon payment of $12M fine

German prosecutors say they'll drop an investigation of Russian oligarch Alisher Usmanov over possible breaches of sanctions and money laundering rules after he agreed to pay a 10 million euro (about $11.8 million) fine

Economics