Market moving insight and analysis.

Join Jim Kramer, David Faber, and me, Carl Kintenea, on the opening bell hour of CNBC Squawk on the Street. Good Monday morning, welcome to Squawk on the Street. I'm Carl Kintanaia with David Faber here at post nine of the New York Stock Exchange. Kramer is at the JPMorgan Healthcare Conference in San Francisco. No, more on that in a moment. Meantime, stocks down, bonds down, dollar down,

as the street reacts to federal prosecutors investigating the Fed Chair's testimony to Congress,

the threat that many argue is endangers Fed independence. Week's going to be packed with

eco-data, conferences, bank earnings, and maybe a SCOTUS decision on tariffs.

A roadmap begins with markets under pressure, as prosecutors do begin a criminal investigation

into the Fed share.

Plus bank stocks and credit card-related companies, those stocks all dropping in the early trading.

This, of course, as the president calls for a one-year cap on credit card rates.

And Exxon Mobil also under fire. This is President Trump, also threatening to sideline that company from Venezuela's oil market, saying they're

playing it too cute. Let's begin with stocks down today around the globe. The Fed chair, confirming

the DOJ served the Fed with grand jury subpoenas on Friday,

threatening a criminal indictment over his Capitol Hill testimony about the central bank's building renovation.

In a video posted last night on the Fed's website, Powell said the probe is a pretext as part of the president's push for lower rates.

This unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings.

It is not about Congress's oversight rule.

The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.

Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve

setting interest rates based on our best assessment of what will serve the public,

rather than following the preferences of the president.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions,

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