From Quartz.

U.S. markets fell after the Justice Department opened a criminal probe involving Fed Chair Jerome Powell. S&P 500 futures slipped 0.6%, the dollar dropped nearly 0.5% against the euro, and gold hit a record above $4,600 an ounce. Goldman Sachs economist Jan Hatzius said the criminal probe into Fed Chair Jerome Powell has heightened Fed independence fears, while Krishna Guha noted a revived “sell-America trade.” Powell said DOJ served grand jury subpoenas Friday tied to his June Senate testimony on Fed headquarters renovations. Sen. Thom Tillis opposed the move and vowed to block Trump’s Fed nominees, as Trump said he was unaware and DOJ declined comment.

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