Fed Served With DOJ Subpoenas; Powell Vows to Stand Firm
January 12, 2026
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11:31Now PlayingFed Served With DOJ Subpoenas; Powell Vows to Stand Firm
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as posted by the channelThierry Wizman, Global FX & Rates Strategist at Macquarie Group, and Michael McKee, Bloomberg News International Economics & Policy Correspondent, discuss the Department of Justice's move to subpoena the Federal Reserve.
Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration’s attacks on the institution.
In a forceful written and video statement released Sunday evening, Powell said the action was related to his June congressional testimony on ongoing renovations of the Fed’s headquarters. But he said the move “should be seen in the broader context of the administration’s threats and ongoing pressure.”
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” Powell said.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.”
In an interview with NBC News on Sunday, President Donald Trump denied having any knowledge of the DOJ’s investigation into the central bank.
US stock futures and the dollar weakened on the news, while gold extended gains to a record high. Futures on the S&P 500 Index fell as much as 0.7%.
Powell said the Fed was served the subpoenas on Friday. The unprecedented move by the Trump administration marks an escalation of the president’s longstanding feud with the central bank’s chair.
The president has repeatedly called for aggressive rate cuts, arguing the Fed should be acting to boost housing affordability and ease the government’s borrowing costs.
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