Lizzie Burden

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News when you want it with Bloomberg News Now.

I'm Lizzie Burden.

And I'm Caroline Hepker.

The Federal Reserve has been served with grand jury subpoenas from the US Justice Department.

Fed Chair Jerome Powell says the court orders threatened criminal charges related to his testimony about the renovation of the central bank's headquarters.

In a forceful video statement, Powell said the legal move was designed to exert pressure on the Fed to lower interest rates.

Fed Chair Jerome Powell went on to say that the legal action sets the stage for a battle over whether monetary policy will be based on economic data or, quote, directed by political pressure or intimidation.

In a brief interview with NBC News on Sunday night, President Trump denied knowledge of the U.S.

Justice Department's investigation into the central bank.

The president said he believes Powell is, quote, certainly not very good at the Fed and he's not very good at building buildings.

Elsewhere, Bloomberg has learned that a group of European countries, including Germany and the UK, is discussing plans for a military presence in Greenland to show the US president it's serious about Arctic security.

But on Sunday night, Donald Trump insisted ownership of the island was the key issue.

The US president added NATO countries need America more than it needs them.

For now, Denmark's still hoping a diplomatic trip to Washington this week can calm Trump.

Rasmus Jarlow, who chairs the Danish Parliament's Defence Committee, says the American plans don't work for Greenlanders.

Finally, here in the UK, employers cut back hiring again last month in another sign of a sharply weakening jobs market.

Data from a Recruitment and Employment Confederation survey shows a jump in job seekers in December, largely driven by redundancies.

Bloomberg's James Woolcock has more.

That's news when you want it with Bloomberg News Now.