Fed chair Jerome Powell is pushing back amid a DOJ investigation. Some Republican lawmakers are criticizing the move, which comes after President Trump has repeatedly criticized Powell for not lowering interest rates.

Stocks closed higher on Monday, shrugging off a dip earlier in the day after reports that the Department of Justice had opened a criminal investigation into Federal Reserve Chair Jerome Powell. The allegations appeared to center on testimony made by Powell about a multi-billion-dollar building renovation at a congressional committee in June.

Former Deputy Assistant Attorney General John Yoo joins ‘America’s Newsroom’ to discuss the Department of Justice’s investigation into Federal Reserve Chair Jerome Powell.

Fed Chair Jerome Powell said the criminal probe was an intimidation tactic by the Trump administration because the president was frustrated by the central bank's independent decisions on interest rates and its refusal to comply with Trump’s demands for ultra-low rates.

The euro is expected to appreciate versus sterling as the European Central Bank’s and the Bank of England’s interest-rate paths diverge, Nomura said. The dollar weakened.

The ICE U.S. Dollar Index, a measure of the greenback against a basket of six major peers, was weakening by 0.3% on Monday in reaction to the Department of Justice's probe into Federal Reserve Chair Jerome Powell.

The Justice Department probe of the Federal Reserve will reverberate beyond Wall Street to working Americans and consumers.

The dollar and Wall Street futures dropped and gold jumped on Monday as Federal Reserve Chair Jerome Powell said the Trump administration had threatened him with a criminal indictment over the refurbishment of the central bank's headquarters.