The FOMC has the power to pick its own chair and could keep Powell—unless the DOJ probe and Supreme Court let Trump oust him from the Fed

The Justice Department’s criminal inquiry into Federal Reserve Chairman Jerome Powell could prompt the central bank to circle the wagons to protect its independence.

On Sunday, Powell revealed the DOJ served the Fed with grand jury subpoenas, threatening an indictment over his testimony before the Senate last June related to renovations on the headquarters building.

If his unusually forceful response blasting the probe is any indication, Powell isn’t going down without a fight...