Screens broadcasts a property league by U.S. Federal Reserve Chair Jerome Powell pursuing the Fed complaint chopped announcement, connected the level of the New York Stock Exchange (NYSE) successful New York City, U.S., Oct. 29, 2025.
Brendan McDermid | Reuters
Opposition to the Trump administration's transgression probe of Federal Reserve Chair Jerome Powell is gaining momentum.
On Sunday evening stateside, Powell said national prosecutors are investigating him implicit the cardinal bank's $2.5 cardinal renovation of its headquarters, and his related grounds earlier Congress.
Powell suggested the probe reflects President Donald Trump's vexation with the Fed's refusal to little rates arsenic aggressively arsenic helium has demanded.
The probe rapidly triggered a question of bipartisan criticism.
"The reported transgression enquiry into Federal Reserve Chair Jay Powell is an unprecedented effort to usage prosecutorial attacks to undermine that independence," a statement said Monday. It was signed by erstwhile Fed chairs, economists and different elder officials who served successful erstwhile Democratic and Republican administrations.
Some Republican lawmakers besides pushed back, with North Carolina Republican Sen. Thom Tillis saying helium would artifact immoderate Trump appointees to the Fed.
Lloyd Blankfein, the erstwhile CEO of Goldman Sachs, went further, describing the transgression probe arsenic "an effort astatine murder-suicide" of aggregate U.S. institutions.
Despite the uproar, U.S. markets climbed, with the S&P 500 and Dow Jones Industrial Average adjacent closing astatine caller highs.
Former Fed Chair and Treasury Secretary Janet Yellen said she was "surprised the marketplace isn't much concerned." It's a concern that is "extremely chilling," she added.
But Jim Lebenthal, main markets strategist astatine Cerity Partners, told CNBC that there's conscionable "too galore bully things" successful the abbreviated word for investors to absorption on, specified arsenic a steadfast system and earnings.
That does not mean the way up for markets is clear. Trump announced Monday that immoderate state doing concern with Iran would look a 25% tariff. If the gait of developments successful caller weeks is immoderate indication, investors whitethorn request to brace for much obstacles successful the coming days.
— CNBC's Dan Mangan, Jeff Cox and Yun Li contributed to this report
What you request to cognize today
Opposition to Powell probe. U.S. Republicans criticized the transgression probe into Fed Chair Jerome Powell. It besides alarmed notable figures, including former Fed chairs and Treasury secretaries.
Countries doing concern with Iran volition look tariffs. That's according to Trump, who said Monday helium volition impose a 25% work connected those countries, "effective immediately." It's the latest determination by Trump to economically isolate Iran amid Tehran's massive anti-government protests.
Apple to usage Gemini for AI-powered Siri. The multiyear concern volition besides trust connected Google's Gemini and unreality exertion for future Apple foundational models, according to a associated connection obtained by CNBC's Jim Cramer.
Record highs for U.S. stocks. The S&P 500 and Dow Jones Industrial Average roseate Monday to interaction caller intraday records and closed astatine all-time highs. The pan-European Stoxx 600 added 0.21%.
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