India, Jan. 12 -- It's Federal Reserve Chairman Jerome Powell vs US President Donald Trump after the Justice Department opened a criminal investigation over the central bank's $2.5 billion renovation of its Washington, DC, headquarters.

While Powell has linked the investigation to the Trump administration's "pressure" on the Fed to lower interest rates, the Republican has washed his hands of it.

Jerome Powell said on Sunday that the Justice Department was threatening the Federal Reserve with possible criminal indictment related to his testimony before the Senate in June regarding the renovation of the agency's office buildings.

"No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action shou...