Here's what smart people in economics and business are saying about the DOJ's Fed probe

Fed chair Jerome Powell

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• Fed Chair Jerome Powell said the central bank has received grand jury subpoenas from the Justice Department.
• Economists, business leaders, and analysts are weighing the implications of the development.
• Economists warn the probe threatens central bank independence and could rattle markets.

Federal Reserve Chair Jerome Powell said late Sunday that the central bank had received grand jury subpoenas from the Department of Justice.