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The Independent UK
The Independent UK
National
Elaine Kurtenbach

US futures slip while Asian shares gain as Fed chair Powell faces Trump legal threat

Donald Trump Jerome Powell United States Asia Department of Justice US Federal Reserve Meta Nasdaq Vistra
A dealer walks near the screens showing the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Monday, Jan. 12, 2026. (AP Photo/Lee Jin-man) - (Copyright 2026 The Associated Press. All rights reserved)

US futures experienced a dip on Monday, contrasting with gains across Asian markets, after Federal Reserve Chair Jerome Powell revealed the Department of Justice had served the central bank with subpoenas.

The threat of a criminal indictment, linked to Mr Powell’s testimony about the Fed’s building renovations, represents the latest escalation in President Donald Trump’s ongoing feud with the institution. Mr Trump has previously criticised the Fed’s $2.5 billion renovation of two office buildings as excessive.

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