Axios

The Trump administration this weekend ramped up its war with Federal Reserve chair Jerome Powell by launching a federal investigation.

The big picture: The investigation ostensibly concerns the central bank's $2.5 billion renovation project, but functions as an unprecedented escalation of the president's effort to influence the central bank over interest rates.

There's evidence that capping credit-card interest rates at 10% would save Americans billions of dollars, although banks warn of consumers losing access to credit.

Why it matters: President Trump says banks should cap card rates at 10% for a year — picking up the mantle for an idea popular with progressives and consumer advocates.

Barbie is launching its first autistic doll, developed with the autism community and designed to reflect sensory and communication differences.

Why it matters: Toy giant Mattel is doubling down on inclusion as a growth strategy, using Barbie to reflect a wider range of real-world experiences — and keep the legacy brand relevant with modern parents.

A perturbed Treasury Secretary Scott Bessent told President Trump late Sunday that the federal investigation into the Federal Reserve chair "made a mess" and could be bad for financial markets, two sources familiar with the call told Axios.

Why it matters: Bessent's worries about the financial fallout were somewhat realized Monday, when the dollar dropped as bond yields and the price of gold rose amid worries about political interference in the Fed.

Federal prosecutors are probing yet another Trump foe, Fed Chair Jerome Powell — and like clockwork, an increasingly familiar name from a previously little-known agency is back in the headlines: top housing regulator Bill Pulte.

Why it matters: The Federal Housing Finance Agency director has been an architect of chaos in the typically more quiet role as he's set the table for investigations into some of President Trump's high-profile rivals.

Some bells you can't unring. Some doors are one-way. The United States is about to find out whether the attempted criminal prosecution of its central banker is one of those.

The big picture: The news Sunday night that President Trump's Justice Department is conducting a criminal investigation into Federal Reserve chair Jerome Powell over his Congressional testimony on the Fed's building project is a remarkable escalation of the president's long-running feud with Powell over interest rate policy.

Financial stocks tumbled Monday after President Trump called for capping interest rates on credit cards.

Why it matters: An interest rate cap might help consumers who carry balances, but it would bludgeon bank earnings.

Alphabet's market cap hit $4 trillion, making it the second-most-valuable company in the world, right behind chip giant Nvidia.

Why it matters: The market is voting on the AI winners and losers constantly. Alphabet is king. For now.

Child care providers, already under financial strain, face their greatest test yet as the Trump administration imposes new rules and restrictions on funding.

Why it matters: Federal money underpins the entire industry — vital to millions of parents trying to manage work and family, across all income levels.

Biotech is dominating the (very) early 2026 deals market, whether that be startup fundings, IPOs, or mergers.

Why it matters: This is a reversal of the usual order, in which biotech plays distant second cousin to the sorts of tech that don't need FDA approval.

Aldi plans to open more than 180 new stores across 31 states in 2026, the company announced Monday.

Why it matters: As grocery inflation reshapes where Americans shop, America's fastest-growing grocery chain is betting its low-price model will resonate with cost-conscious shoppers.

President Trump's huddle with oil executives and Energy Secretary Chris Wright's subsequent press blitz expose tensions running through the plans to boost Venezuelan output.

Why it matters: Controlling oil revenues and exports, and reviving its broken-down oilfields, are central White House goals after toppling Nicolás Maduro.

There's a giant player in the financial markets who's changing the rules of the game. His name is President Trump.

Why it matters: In pursuing an affordability agenda, the president is making policy moves that investors have not accurately priced in.

The nation is splitting into three distinct economic realities: the Have-Nots (stalling) ... the Haves (coasting) ... and the Have-Lots (rocketing to greater wealth).

Why it matters: This isn't just about "inequality." It's about a structural shift where the growing number of hyperwealthy are profiting wildly off the AI revolution — through exclusive access to private deals, massive investment power, governmental connections, and equity stakes that "normal" investors can't touch.

President Trump wants to spend. He also wants, where possible, to avoid congressional interference and bigger deficits. Enter the balance sheet.

The big picture: The president is going through the couch cushions of government — $200 billion from Fannie Mae and Freddie Mac for mortgage bonds, $20 billion from a Treasury fund for Argentina — to advance his policy priorities.

• Critics say it's nontraditional at best, and autocrat-adjacent at worst.

Federal prosecutors are investigating Federal Reserve chair Jerome Powell over the central bank's multibillion-dollar project to renovate its headquarters, according to a report late on Sunday that the Fed confirmed.

The big picture: This amounts to an extraordinary escalation of President Trump's campaign against Powell, whom Trump has assailed over interest rate policy. Powell's term as Fed chair ends in about four months.

• Powell, in a rare public statement late Sunday, cast the investigation as a blatant assault on the Fed's independence from politics.

Allegiant on Sunday announced an agreement to buy Sun Country Airlines for around $1.5 billion in cash and stock.

Why it matters: It would be the first airline antitrust test for Trump 2.0, at a time when some discount carriers are struggling due to rising costs and increased competition from larger rivals.