Fed Chair Powell says he faces criminal probe over Fed HQ renovations

Summary

The segment covers a CNBC report that the DOJ has served grand jury subpoenas to the Federal Reserve as part of a criminal investigation related to Chair Jay Powell's congressional testimony on the Fed's renovation project. Powell called the probe a pretext and defended the Fed's ability to set rates independently. Eamon Javers discusses the legal path, political reactions, and CEO caution about confronting President Trump, with Treasury yields cited as a market backdrop.

• DOJ grand jury subpoenas are tied to Powell's Senate testimony on the Fed's renovation project.
• Powell released a video statement calling the investigation a pretext and defending Fed independence.
• The probe is reportedly run by the U.S. Attorney's Office for the District of Columbia.
• Trump denied knowing about the investigation but criticized Powell and said rates are too high.
• Congressional reactions include Rep. Anna Paulina Luna taking credit for referring Powell and a Republican senator opposing Fed nominees.
• Eamon Javers says DOJ faces a high bar to prove a material false statement and risks embarrassment if it finds no evidence.
• CEOs are described as wary of publicly confronting Trump and are working around the edges privately.
• Treasury yields were cited as market backdrop, with the 10-year near 4.20% and the two-year at 4.53%.