Jerome Powell Under 'Criminal Investigation': Global Markets Plunge!

• US Fed Chair Jerome Powell announced a 'criminal investigation' against him in a late Sunday night video, causing immediate market panic.
• Dow, S&P 500, and Nasdaq futures plunged by 200, 30, and 150 points respectively, minutes after the news.
• Powell linked the investigation to his previous statements and the Fed's independent interest rate policy, which the Trump administration had criticized.
• The Department of Justice issued a grand jury subpoena related to Powell's Senate Banking Committee testimony from last June.
• The investigation is led by the US Attorney’s Office for the District of Columbia, headed by Jeanine Pirro, a Trump appointee, raising concerns about Fed independence.

Why It Matters: News of a criminal investigation into Fed Chair Jerome Powell sent global markets into a tailspin.