Update II: As many probably suspected, Trump attorney Michael Cohen is under investigation for possible fraud and campaign finance violations, the Washington Post reported.

The FBI has seized documents - including emails, tax documents and other records - related to Cohen's $130,000 payment to adult film star Stormy Daniels.

Meanwhile, President Trump has stepped up to defend his longtime personal attorney, calling the raid "a whole new level of unfairness" and going as far to say it was an "attack on our country, on what we stand for before heading into a meeting with top military leaders." He also described the special counsel's team as "the most conflicted group of people I've ever met" and said the raid was "a disgraceful situation."

Trump added that the raid happened after Deputy AG Rod Rosenstein - who is supervising the Mueller probe - approved a referral that Mueller brought to the US Attorney for the Southern District of New York. 

Jeff Sessions also came under fire as the president bashed him once again for recusing himself from the Mueller probe. Trump also exclaimed that "no one is looking at the other side" referring to Clinton's 30,000 missing emails.

"I have this witch hunt constantly going on," he said.

Of course, Trump has every reason to defend Cohen. As Trump's longtime lawyer, Cohen knows where the bodies are buried. And the fact that the FBI likely seized privileged material between the president and his lawyer is certainly troubling.

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Update: Michael Cohen's lawyer says the FBI seized privileged communications between Cohen and his clients - a group that notably includes President Trump. And thus, we have what could quite possibly be an ulterior motive for the search.

While initial reports suggested the raid on Cohen's home wasn't related to the Mueller probe, CBS is reporting that it's unclear whether the raid was in relation to Stormy Daniels, the Mueller probe or something else.

The Wall Street Journal reported that Cohen's office in Rockefeller Center was searched along with his home and hotel room. The search was executed by the Manhattan US Attorney's Office which is carrying out an independent investigation in coordination with Mueller.

Cohen has of course already turned over his emails to the special counsel.

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With stocks pulling off yet another stunning intraday reversal, in which the Dow Jones saw an 800 point round trip as trade tensions and an ominous OMB report sapped investors of what little confidence they gained over the weekend...

... the New York Times dropped a bombshell that helped drive them to their session lows when it reported that the FBI has raided the offices of Trump lawyer Michael Cohen.

Notably, the NYT says that the search doesn't appear to be related to the Mueller probe - but rather separate charges being explored by prosecutors in New York; it is likely linked to recent events involving Cohen, Trump and porn star Stormy Daniels.

Cohen, who has been a long-time lawyer for the Trump Organization, has said he paid $130,000 to adult film actress Stormy Daniels as part of a non-disclosure agreement related to an affair she claims to have had with Trump. Cohen said he made the payment without Trump’s knowledge using his own money.

Federal prosecutors in Manhattan obtained a search warrant following a referral from Special Counsel Robert Mueller, Cohen's lawyer Stephen Ryan told the NYT, adding that the search was "completely inappropriate and unnecessary."

"Today the U.S. Attorney’s Office for the Southern District of New York executed a series of search warrants and seized the privileged communications between my client, Michael Cohen, and his clients," said Stephen Ryan, his lawyer. "I have been advised by federal prosecutors that the New York action is, in part, a referral by the Office of Special Counsel, Robert Mueller."

A person who had reportedly been briefed by the FBI on the matter said questions about Michael Cohen's $130,000 payment to former adult film actress Stephanie Clifford - better known as Stormy Daniels - were one of several topics being explored by investigators.

As the NYT adds the FBI seized emails, tax documents, business records and payments to Stormy Daniels from Cohen's office under several search warrants.

The White House has not commented on the raid yet. Last week, Trump repeated that he was unaware of the payment made by Cohen to Daniels.