"If the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer," warned Sen. Lisa Murkowski (R-Alaska).

The Federal Reserve chair said the central bank has been threatened with a criminal indictment over his testimony about building renovations.

The DOJ subpoenaed the Fed Reserve concerning allegations that Powell lied regarding the scope of expensive Fed reservations.

On January 11th Mr Trump declared that from January 20th firms charging annual interest of more than 10% on credit-card loans would be in for “very severe things”. Days later he urged Congress to curb fees merchants pay to card-payment processors such as Visa and Mastercard.

President Donald Trump will travel to Michigan on Tuesday to promote his efforts to boost U.S. manufacturing, trying to counter fears about a weakening job market and worries that still-rising prices are taking a toll on Americans' pocketbooks.

Powell announced on Sunday the DOJ is probing the Federal Reserve, raising concerns about the nature of the investigation.

Sen. Elizabeth Warren (D-Mass.) said the Senate should halt all of President Trump’s nominees to the Federal Reserve because of the Department of Justice (DOJ) probe into Federal Reserve Chair

Investors could reassess U.S. assets as Powell probe reignites fears over central bank's independence from the White House.