U.S. stock futures plunged Sunday night following news that Federal Reserve Chair Jerome Powell is under investigation. The probe relates to his June testimony regarding Federal Reserve building renovations. Nasdaq 100 futures led the decline, dropping approximately 0.8%. S&P 500 futures fell roughly 0.5%, and Dow Jones Industrial Average futures decreased about 0.4%.
The New York Times reported the investigation, prompting Powell to disclose the matter. This revived concerns about potential political interference with the Fed's independence. Technology stocks, sensitive to interest rates, experienced the most significant selloff.
Investors shifted to safe-haven assets. Gold futures surged 1.7% to around $4,578 an ounce. Silver futures jumped over 4%. The U.S. dollar weakened slightly against the Swiss franc and Japanese yen.
The investigation follows years of former President Trump's public criticism of the Federal Reserve. The market now awaits further details and the potential implications for Fed policy.
AI-Assisted Journalism
This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.
Deep insights powered by AI
Continue exploring
Macclesfield FC pulled off a monumental FA Cup shocker, stunning defending champs Crystal Palace 2-1 behind goals from Paul Dawson and Isaac Buckley-Ricketts! The sixth-tier squad's victory at Moss Rose marks the first time in over a century that a non-league team has ousted the reigning FA Cup titleholders, etching their names into soccer lore.
Multiple sources indicate that anti-government protests in Iran have entered their third week, sparked by economic grievances and spreading nationwide despite a government-imposed internet blackout and restrictions on journalists. The Iranian president blames foreign powers for the unrest and has warned against military intervention, while activists report a rising death toll amidst the government crackdown.
Oil prices are increasing amid ongoing protests in Iran, fueled by economic hardship and government crackdowns. Reports suggest the unrest poses a significant threat to the Iranian regime, potentially impacting the loyalty and effectiveness of its security forces, while the U.S. considers potential military responses.
Federal Reserve Chairman Jerome Powell has accused the Justice Department of launching a politically motivated criminal probe into his Senate testimony, alleging it stems from the Fed's refusal to lower interest rates as requested by the Trump administration. Powell asserts the investigation, involving grand jury subpoenas, is a threat to the Fed's independence and its ability to set monetary policy based on economic conditions rather than political pressure, emphasizing his commitment to the Fed's mandate of price stability and maximum employment. The Justice Department has not yet issued a public statement regarding the matter.
A Justice Department criminal inquiry into Federal Reserve Chairman Jerome Powell is drawing criticism from Congress, potentially jeopardizing President Trump's ability to appoint a new Fed leader. The investigation, related to Powell's testimony on Fed headquarters renovations, is viewed by some, including Senator Tillis, as an attack on the Fed's independence, with Tillis vowing to block any Fed nominees until the matter is resolved. Powell himself alleges the probe is politically motivated, aimed at influencing interest rate policy.
The Department of Justice has subpoenaed the Federal Reserve amidst increasing pressure from the Trump administration, potentially threatening criminal indictments related to Chairman Powell's testimony on renovation costs. This action raises concerns about the Fed's independence in setting interest rates based on economic analysis rather than political influence, highlighting the delicate balance between governmental oversight and central bank autonomy. The situation underscores the importance of maintaining the integrity of financial institutions to ensure economic stability.
Following the U.S. incursion into Venezuela and the removal of Nicolás Maduro, Latin America's left is in disarray, prompting a shift in rhetoric towards President Trump. This situation highlights the complex geopolitical dynamics in the region and raises questions about the role of U.S. interventionism and its impact on Latin American sovereignty.
Fintech platforms like Syfe are emerging to address the prevalent practice of Asian households holding significant wealth in cash, which is often devalued by inflation. This trend is shifting as growing wealth and strong stock market performance encourage exploration of diverse investment options, potentially reducing reliance on foreign investors and driving growth for fintech solutions. These platforms aim to facilitate a transition from low-yield cash savings to higher-yield investments.
In a stunning FA Cup shocker, sixth-tier Macclesfield FC dethroned reigning champions Crystal Palace 2-1, fueled by goals from captain Paul Dawson and Isaac Buckley-Ricketts. This historic upset, reminiscent of the greatest giant-killings in FA Cup lore, marks the first time in over a century that a non-league team has ousted the defending champs.
Semantic caching, which focuses on the meaning of queries rather than exact wording, can drastically reduce LLM API costs by identifying and reusing responses to semantically similar questions. By implementing this technique, one company achieved a 67% cache hit rate, leading to a 73% reduction in LLM expenses, highlighting the importance of understanding AI's nuances for cost optimization. This approach moves beyond traditional exact-match caching, which often misses the subtle variations in user queries that still require the same AI response.
Forget Thatcher's "sleep is for wimps" mantra! A growing number of adults are turning to sleep coaches, mirroring a trend previously seen with newborns, as anxieties about sleep skyrocket, with a recent poll showing a significant jump in Americans feeling sleep-deprived compared to a decade ago. Sleep experts are stepping up to help adults tackle sleep challenges stemming from major life events or chronic patterns, aiming to transform daytime and nighttime habits for optimal rest.
Multiple sources indicate that anti-government protests in Iran have entered their third week, sparked by economic grievances and spreading nationwide despite a government-imposed internet blackout and restrictions on journalists. The Iranian president blames foreign powers for the unrest and warns against military intervention, while activists report a rising death toll amid the government crackdown.
Discussion
Join the conversation
Be the first to comment