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U.S. stock futures sank Sunday, after Fed Chair Jerome Powell said the Department of Justice had subpoenaed the Federal Reserve on Friday and threatened a criminal indictment against him over cost overruns at the agency’s headquarters.
In a statement late Sunday, Powell said the accusations that he misled Congress over the cost of the renovations were a pretext for President Donald Trump to pressure the Fed to cut interest rates, and that the investigation threatens the Fed’s independence.
