The probe appears to center on Powell’s testimony to Congress last year about cost overruns in a multi-billion-dollar office renovation project. Powell, who was appointed by Trump in 2017, issued a rare video message on Sunday night rebuking the investigation as a politically motivated effort to influence the Fed's interest rate policy.

Global central bankers threw their support behind Chairman Jerome Powell after the Trump administration ratcheted up its already unprecedented pressure campaign against the Federal Reserve.

Jerome Powell said he believed the investigation was due to Donald Trump's anger over the Fed's refusal to cut interest rates.

Former Federal Reserve chiefs, Republican senators and — perhaps most important, many bond investors — raised concerns about an investigation into the bank’s leader.

Jerome Powell says the criminal investigation centers on a June Senate hearing, where he got into a heated exchange over the Fed's renovation plans.

The only surprising quality regarding President Trump unleashing federal investigators to prepare potential prosecution criminal charges against the highly respected Federal Reserve Chairman Jay Powell — a Trump appointee himself — is that anyone is surprised by this news.

Even if Trump installs a Fed chair who's more keen to cut rates, it might not be smooth sailing.