Fed chair hits back, accusing DoJ of threatening criminal charges because central bank defied Trump’s demands

The Department of Justice has opened a criminal investigation into Jerome Powell and the Federal Reserve, a significant escalation in Donald Trump’s extraordinary attack on the US central bank.

In a blistering statement on Sunday, Powell argued he had been threatened with criminal charges because the Fed had set interest rates “based on our best assessment of what will serve the public, rather than following the preferences of the President”.