US prosecutors investigating Fed Chair Powell, NYT reports

U.S. federal prosecutors have opened an investigation into Federal Reserve Chair Jerome Powell, The New York Times reported, citing sources. According to the newspaper, Powell is accused of downplaying the scale of a remodeling project for the Federal Reserve building during his testimony before Congress. The investigation was reportedly approved last November by Attorney General Jeanine Pirro, a known associate of President Donald Trump. The move is seen as an escalation of government pressure on Powell, who has been a frequent target of Trump's calls for interest rate cuts. Powell's term as chair is set to expire this May, while his term as a Fed Governor extends until January 2028. He has not yet indicated whether he plans to remain at the Fed after his chairmanship ends.