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Screens broadcasts a press convention by U.S. Federal Reserve Chair Jerome Powell following the Fed fee minimize announcement, on the ground of the New York Inventory Alternate (NYSE) in New York Metropolis, U.S., Oct. 29, 2025.
Brendan McDermid | Reuters
Opposition to the Trump administration’s felony investigation of Federal Reserve Chair Jerome Powell is gaining momentum.
On Sunday night stateside, Powell mentioned federal prosecutors are investigating him over the central financial institution’s $2.5 billion renovation of its headquarters, and his associated testimony earlier than Congress.
Powell recommended the probe displays President Donald Trump’s frustration with the Fed’s refusal to decrease charges as aggressively as he has demanded.
The investigation rapidly triggered a wave of bipartisan criticism.
“The reported felony inquiry into Federal Reserve Chair Jay Powell is an unprecedented try to make use of prosecutorial assaults to undermine that independence,” a assertion mentioned Monday. It was signed by former Fed chairs, economists and different senior officers who served in earlier Democratic and Republican administrations.
Some Republican lawmakers additionally pushed again, with North Carolina Republican Sen. Thom Tillis saying he would block any Trump appointees to the Fed.
Lloyd Blankfein, the previous CEO of Goldman Sachs, went additional, describing the felony investigation as “an try at murder-suicide” of a number of U.S. establishments.
Regardless of the uproar, U.S. markets climbed, with the S&P 500 and Dow Jones Industrial Common even closing at new highs.
Former Fed Chair and Treasury Secretary Janet Yellen mentioned she was “shocked the market is not extra involved.” It is a scenario that’s “extraordinarily chilling,” she added.
However Jim Lebenthal, chief markets strategist at Cerity Companions, instructed CNBC that there is simply “too many good issues” within the brief time period for traders to give attention to, akin to a wholesome financial system and earnings.
That doesn’t imply the trail forward for markets is evident. Trump introduced Monday that any nation doing enterprise with Iran would face a 25% tariff. If the tempo of developments in current weeks is any indication, traders might have to brace for extra obstacles within the coming days.
— CNBC’s Dan Mangan, Jeff Cox and Yun Li contributed to this report
What you’ll want to know at the moment
Opposition to Powell probe. U.S. Republicans criticized the felony investigation into Fed Chair Jerome Powell. It additionally alarmed notable figures, together with former Fed chairs and Treasury secretaries.
International locations doing enterprise with Iran will face tariffs. That is in response to Trump, who mentioned Monday he’ll impose a 25% responsibility on these international locations, “efficient instantly.” It is the most recent transfer by Trump to economically isolate Iran amid Tehran’s huge anti-government protests.
Apple to make use of Gemini for AI-powered Siri. The multiyear partnership will even depend on Google’s Gemini and cloud expertise for future Apple foundational fashions, in response to a joint assertion obtained by CNBC’s Jim Cramer.
File highs for U.S. shares. The S&P 500 and Dow Jones Industrial Common rose Monday to the touch recent intraday data and closed at all-time highs. The pan-European Stoxx 600 added 0.21%.
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