Fed Chair Jerome Powell is pushing back against the Trump administration's pressure to lower interest rates, calling the threat of criminal charges a "pretext" to influence monetary policy. Powell stated that the Fed sets interest rates based on what's best for the public, not presidential preferences. This comes after the Department of Justice served the Fed with grand jury subpoenas over Powell's testimony about the central bank's $2.5 billion renovation project.

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The investigation is seen as a test of the Fed's independence, with some arguing it's an attempt to undermine the central bank's autonomy. Senator Thom Tillis has vowed to oppose any Trump nominee to the Fed until the matter is resolved, citing concerns about the DOJ's credibility.

The situation has sparked market reactions, with the US dollar weakening and gold prices surging.