Kevin Hassett, a top contender to replace Jerome Powell, suggests he believes Powell told the truth about central bank renovation

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Donald Trump’s top economic adviser, Kevin Hassett, said he expects there is “nothing to see here” as the US Department of Justice pursues its criminal investigation of Jerome Powell, the Federal Reserve chair.

The Trump administration has faced a chorus of criticism in recent days after it emerged that the justice department had served the Fed with grand jury subpoenas, in a significant escalation of its extraordinary attack on the US central bank’s independence.