Federal Reserve Chair Jerome Powell revealed the Justice Department served grand jury subpoenas, threatening criminal indictment over his testimony regarding a building renovation project. Powell characterized the probe as a "pretext" to pressure the Fed into lowering interest rates, a move he warned undermines the central bank's independence. President Trump denied knowledge of the investigation but has publicly criticized Powell and the Fed's monetary policy. The development has raised concerns about central bank autonomy and impacted global markets, with the dollar weakening and gold prices rising.