Did Trump Just Break The Central Bank?
Simon Whistler · January 16, 2026 · 15 min video · Americas
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From the transcript
We'll start today with a quote. This is how monetary policy is made in emerging markets with weak institutions.
That line came from a joint statement signed by every living former Federal Reserve Chair, Republican and Democrat appointees alike in response to the recent news that the U.S. Department of Justice had served the Central Bank with grand jury subpoenas last week.
The target this time is the chair, Jerome Powell, who has been threatened with criminal indictments over testimony about a headquarters renovation project. In context, according to Powell himself, retaliation for refusing to cut interest rates as fast as President Trump demanded. Where this ultimately ends is yet to be seen.
This transcript was generated automatically and may contain errors.
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About this briefing
Did Trump just break the Federal Reserve? Explore subpoenas, rate wars, and market risks as political pressure tests central bank independence—and why America’s financial credibility may hang in the balance.
