New Delhi, Jan. 12 -- US President Donald Trump's administration has initiated a probe against the US Federal Reserve, with the Department of Justice issuing grand jury subpoenas threatening criminal indictment.

This comes months ahead of Fed chair Jerome Powell's retirement in May, whom Trump has threatened to fire before his tenure ends. The Trump administration, over the past few months, has floated a few names who are the frontrunners in the race to become the person in charge of making economic decisions and framing policies for the United States. Of them, National Economic Council Director Kevin Hassett has been mentioned time and again, and he could just be the person to succeed Powell and move the global markets from May.

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