The Latest: DOJ subpoenas central bank and threatens criminal indictment, Fed Chair Powell says

Federal Reserve Chair Jerome Powellsaid Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony this summer about the Fed's building renovations.

The move represents an unprecedented escalation in President Donald Trump's battle with the Fed, an independent agency he's repeatedly attacked for not cutting its key interest rate as sharply as he prefers. The renewed fight will likely rattle financial markets Monday and could over time escalate borrowing costs for mortgages and other loans.

The subpoenas relate to Powell's testimony before the Senate Banking Committee in June, the Fed chair said, regarding the Fed's $2.5 billion renovation of two office buildings, a project Trump has criticized as excessive.

Here's the latest:

Cuban President Miguel Díaz-Canel says his administration isn't currently in talks with the US

That comes a day after President Trump threatened the Caribbean island in the wake of the U.S. attack on Venezuela.

Díaz-Canel posted a flurry of brief statements on X after Trump suggested Cuba ''make a deal, BEFORE IT IS TOO LATE.'' He did not say what kind of deal.

The island's communist government has said U.S. sanctions cost the country more than $7.5 billion between March 2024 and February 2025.

Díaz-Canel added: ''We have always been willing to hold a serious and responsible dialogue with the various US governments, including the current one, on the basis of sovereign equality, mutual respect, principles of International Law, and mutual benefit without interference in internal affairs and with full respect for our independence.''

Cuba's president stressed on X that ''there are no talks with the U.S. government, except for technical contacts in the area of migration.''

Polling shows bipartisan support for the Fed's independence

About 8 in 10 U.S. adults said the Federal Reserve Board should be independent of political control, according to Marquette/SSRS polling from September, while roughly 2 in 10 said the president should have more influence over setting interest rates and monetary policy. There was bipartisan consensus that the Fed should remain independent. About 9 in 10 Democrats and about two-thirds of Republicans said the Fed should not be subjected to political control.

Stocks fall on Wall Street after Powell says Trump trying to undermine the Fed's independence

Stocks are falling on Wall Street after Federal Reserve Chair Jerome Powell said the Department of Justice had served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed's building renovations.

The S&P 500 fell 0.3% in early trading Monday. The Dow Jones Industrial Average lost 384 points, or 0.8%, and the Nasdaq composite fell 0.2%.

Powell characterized the threat of criminal charges as pretexts to undermine the Fed's independence in setting interest rates, its main tool for fighting inflation. The threat is the latest escalation in President Trump's feud with the Fed.

▶ Read more about the financial markets

She says she had ''a very good conversation'' with Trump on Monday morning about topics including ''security with respect to our sovereignties.''

Last week, Sheinbaum had said she was seeking a conversation with Trump or U.S. Secretary of State Marco Rubio after the U.S. president made comments in an interview that he was ready to confront drug cartels on the ground and repeated the accusation that cartels were running Mexico.

Trump's offers of using U.S. forces against Mexican cartels took on a new weight after the Trump administration deposed Venezuelan President Nicolás Maduro. Sheinbaum was expected to share more about their conversation later Monday.

As Canada tries to reduce its dependence on the US, its leader will visit China to rebuild ties

A leader of the Canadian government is visiting China this week for the first time in nearly a decade, a bid to rebuild his country's fractured relations with the world's second-largest economy — and reduce Canada's dependence on the United States, its neighbor and until recently one of its most supportive and unswerving allies.

Carney aims to double Canada's non-U.S. exports in the next decade in the face of President Trump's tariffs and the American leader's musing that Canada could become ''the 51st state.''

▶ Read more about relations between Canada and China

China says US shouldn't use other countries as a ‘pretext' to pursue its interests in Greenland

The comment by a Chinese Foreign Ministry spokesperson came in response to a question at a regular daily briefing. President Trump has said he would like to make a deal to acquire Greenland, a semiautonomous region of NATO ally Denmark, to prevent Russia or China from taking it over.

Tensions have grown between Washington, Denmark and Greenland this month as Trump and his administration push the issue and the White House considers a range of options, including military force, to acquire the vast Arctic island.

▶ Read more about the U.S. and Greenland

Trump ‘inclined' to keep ExxonMobil out of Venezuela after CEO response at White House meeting

Trump said Sunday that he is ''inclined'' to keep ExxonMobil out of Venezuela after its top executive was skeptical about oil investment efforts in the country after the toppling of former President Nicolás Maduro.

''I didn't like Exxon's response,'' Trump said to reporters on Air Force One as he departed West Palm Beach, Florida. ''They're playing too cute.''

During a meeting Friday with oil executives, Trump tried to assuage the concerns of the companies and said they would be dealing directly with the U.S., rather than the Venezuelan government.

''If we look at the commercial constructs and frameworks in place today in Venezuela, today it's uninvestable,'' said Darren Woods, CEO of ExxonMobil, the largest U.S. oil company.

An ExxonMobil spokesperson did not immediately respond Sunday to a request for comment.

▶ Read more about Trump's comments on ExxonMobil

Trump's motorcade in Florida rerouted due to ‘suspicious object'

Trump's motorcade took a different route than usual to the airport as he was departing Florida on Sunday due to a ''suspicious object,'' according to the White House.

''A further investigation was warranted and the presidential motorcade route was adjusted accordingly,'' White House press secretary Karoline Leavitt said in a statement Sunday.

The president, when asked about the package by reporters, said, ''I know nothing about it.''

Anthony Guglielmi, the spokesman for U.S. Secret Service, said the secondary route was taken just as a precaution and that ''that is standard protocol.''

▶ Read more about the ''suspicious object''

Trump says Iran wants to negotiate as the death toll in protests rises to at least 544

Iran had no direct reaction to Trump's comments, which came after the foreign minister of Oman — long an interlocutor between Washington and Tehran — traveled to Iran this weekend. It also remains unclear just what Iran could promise, particularly as Trump has set strict demands over its nuclear program and its ballistic missile arsenal, which Tehran insists is crucial for its national defense.

Iranian Foreign Minister Abbas Araghchi, speaking to foreign diplomats in Tehran, insisted ''the situation has come under total control'' in fiery remarks that blamed Israel and the U.S. for the violence, without offering evidence.

▶ Read more about the possible negotiations and follow live updates

Federal Reserve Chair Powell says DOJ has subpoenaed central bank, threatens criminal indictment

Fed Chair Powell said Sunday the DOJ has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony this summer about the Fed's building renovations.

The subpoenas relate to Powell's testimony before the Senate Banking Committee in June, the Fed chair said, regarding the Fed's $2.5 billion renovation of two office buildings, a project that Trump has criticized as excessive.

Powell on Sunday cast off what has up to this point been a restrained approach to Trump's criticisms and personal insults, which he has mostly ignored. Instead, Powell issued a video statement in which he bluntly characterized the threat of criminal charges as simple ''pretexts'' to undermine the Fed's independence when it comes to setting interest rates.