The Justice Department signaled possible plans to investigate Federal Reserve Governor Lisa Cook, with a top official informing Federal Reserve Chair Jerome Powell of the probe and encouraging him to remove her from the board in a letter sent Thursday.

It is the latest move by the Trump administration to step up pressure on the Federal Reserve, which has faced criticism from officials for being slow to cut rates and splashing out $2.5 billion on

Crypto and related stocks are sliding as traders brace for the July FOMC meeting minutes and Jerome Powell’s Jackson Hole speech, fearing a hawkish Fed stance.

Wall Street will be listening closely to Federal Reserve Chair Jerome Powell's speech Friday at the Jackson Hole economic policy summit, where he could signal whether the central bank is ready to cut borrowing costs at its next meeting in September.

The Fed chair will speak Friday at an annual economic symposium in Jackson Hole, Wyo. The speech comes as the central bank is under mounting pressure from the White House to lower interest rates.

Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation.

Federal Reserve Chair Jerome Powell is set to give what could be his most consequential speech yet — just a few days after one of his colleagues was threatened with prosecution for alleged mortgage fraud.

President Donald Trump said on Tuesday that Federal Reserve Chair Jerome Powell is "hurting" the housing industry "very badly" and repeated his call for a big cut to U.S. interest rates. "Could somebody please inform Jerome "Too Late" Powell that he is hurting the Housing Industry,