Trump Threatens Criminal Charges vs Fed Chair Powell

On 12 January 2026, the Trump administration announced it was considering criminal charges against Federal Reserve Chair Jerome Powell over remarks made to Congress about the Fed's $2.5 billion (£1.86 billion) renovation of Washington D.C. office buildings. The White House cited Powell's "pretext" to influence U.S. monetary policy, arguing the indictment would compel the Fed to follow presidential preferences. Markets reacted sharply: the dollar fell a quarter‑cent against the pound, Nasdaq futures fell ~1 %, safe‑haven gold quoted above $4,600 an ounce, and U.S. Treasury yields edged higher. Powell, appointed by Trump and serving under four administrations, will exit in May 2026, and a successor will be nominated by the administration.