The Trump administration opened a criminal investigation into Federal Reserve Chair Jerome Powell. Powell said on Sunday that the central bank was served with grand jury subpoenas connected to his testimony about renovations to the Federal Reserve’s headquarters in Washington, DC. Powell said in a video message that the threat of criminal charges was a consequence of the Federal Reserve setting interest rates based on its best assessment of what will serve the public rather than the president’s preferences. Powell said the issue was whether the Fed can continue to set interest rates based on evidence and economic conditions or whether monetary policy will be directed by political pressure or intimidation.