Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

It's always good to be with you. Today is Monday, January 12th. I'm Julie Morgan.

The U.S. Attorney's Office in Washington, D.C. has opened a criminal investigation into Federal Reserve Chair Jerome Powell over the Fed's

headquarters renovation and whether he misled Congress about the project. According to the New York

Times, the probe is reviewing Powell's public statements and spending records. It was approved in

November by U.S. Attorney Janine Piro, a Trump ally appointed last year.

The investigation adds new legal pressure on Powell, whom President Trump has repeatedly criticized

for refusing to cut interest rates. Trump has threatened to fire Powell and suggested a lawsuit

over the $2.5 billion renovation, calling it incompetent.

Powell's term as Fed Chair ends in May, though his term as governor runs until 28.

The renovation project began in 2022 and is now about $700 million over budget.

It includes upgrades to two nearly 100-year-old Fed buildings that have never

undergone a full renovation. Earlier plans included private elevators, dining rooms, marble

features, and a rooftop terrace. Powell denied at a June congressional hearing that many of those

features remain in the current proposal.

The Fed Chair issued a statement that said the subpoenas are not about legitimate legal concerns,

but are the result of not cutting interest rates for Trump.

The president said he knows nothing about the Fed investigation and denies a rate motive.

Allegiant travel has agreed to acquire Sun Country Airlines and a cash in stock transaction.

The deal values the Minneapolis-based carrier at approximately $1.5 billion, including net debt.

Under the terms of the definitive agreement, Sun Country shareholders will receive 0.157 shares of Allegiant common stock

and $4.10 in cash for each share they own, implying a value of $18.89 a share. The offer

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