U.S. futures sank Monday after Federal Reserve Chair Jerome Powell said the Department of Justice had served the central bank with subpoenas. Markets in Europe were mostly lower after a broad rally in Asia.

With earnings season about to kick off, U.S. stock futures slipped Sunday, after the Dow and S&P 500 closed Friday at record highs.

Jerome Powell called the action a "pretext" aimed at putting further pressure on the central bank to lower interest rates.

The Justice Department served the U.S. Federal Reserve with grand jury subpoenas on Friday, Fed Chair Jerome Powell said Sunday, threatening an “unprecedented” criminal indictment against him over cost overruns for the renovation of the Fed’s headquarters building.

The Department of Justice (DOJ) has opened a probe into the Federal Reserve’s ongoing renovation of its headquarters in Washington, D.C. Federal Reserve Chair Jerome Powell said in a statement Sunday that the DOJ served the Fed with grand jury subpoenas and threatened a criminal indictment related to his testimony before the Senate Banking

U.S. futures have fallen but markets in Asia advanced after Federal Reserve Chair Jerome Powell said the Department of Justice had served the central bank with subpoenas

Federal prosecutors have opened a criminal investigation of Federal Reserve Chair Jerome Powell over his testimony about the central bank’s $2.5 billion renovation of its headquarters in DC. Powell called the threat of criminal charges a result of the Federal Reserve not setting interest rate “following the preferences of the president.

Federal Reserve Chair Jerome Powell says the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed’s building r