U.S. President Donald Trump said on Wednesday he has no plans to fire Jerome Powell despite a Justice Department criminal investigation into the Federal Reserve chair, but it was "too early" to say what he would ultimately do.

The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.

The Fed Chair sent a letter to the Senate Banking Committee in July that extensively responded to their inquiries on the Fed building renovation.

TOKYO, Jan 14 (Reuters) - The Bank of Japan's absence from a list of central banks lining up to support Federal Reserve Chair Jerome Powell reflects its aversion to politics and the government's reluctance to cross the U.S., with an early election on the horizon.

President Donald Trump denied that he was involved in the Justice Department's decision to subpoena the Federal Reserve. Chair Jerome Powell said the Federal Reserve was being targeted for making decisions that “serve the public" rather than the president’s “preferences.

The Department of Justice’s threat to criminally indict Federal Reserve Chair Jerome Powell has set up a tense showdown between the White House and the U.S. central bank, with Powell saying the subpoenas that arrived on Friday are intended to force him to follow President Donald Trump’s orders.

The only surprising quality regarding President Trump unleashing federal investigators to prepare potential prosecution criminal charges against the highly respected Federal Reserve Chairman Jay Powell — a Trump appointee himself — is that anyone is surprised by this news.