It comes after Russell Vought, the director of the Office of Management and Budget, sent a letter to Powell last week asking for answers about the $2.5 billion renovation of the Washington building. Vought said the Fed may have moved ahead with the project without getting approval from the National Capital Planning (NCPC).

Stocks were mixed in early trading on Monday after President Donald Trump over the weekend issued 30% tariff s on the European Union and Mexico, rekindling tensions with two of the largest U.S. trade partners and threatening to raise consumer prices.

U.S. President Donald Trump announced on Saturday a 30% tariff rate for goods imported from the European Union and Mexico, starting on August 1. The EU had initially hoped to reach a comprehensive trade agreement with the U.