US justice department opens criminal probe into Fed Chair Jerome Powell

Federal prosecutors have opened a criminal investigation into Federal Reserve Chairman Jerome Powell, he said on Sunday.

In a video announcing the probe, Powell said the US justice department served the agency with subpoenas and threatened a criminal indictment over testimony he gave to a Senate committee about renovations to Federal Reserve buildings.

He called the investigation "unprecedented" and said he believed it was opened due to him drawing US President Donald Trump's ire over refusing to lower interest rates despite repeated public pressure from the president.

Trump has repeatedly threatened to fire Powell and publicly pushed for him to lower interest rates. Powell is the latest to come at odds with Trump and then face criminal investigation.

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