Live Update 
From the Liveblog of
Monday, January 12, 2026
From the Liveblog of
Monday, January 12, 2026
Powell says Federal Reserve subpoenaed by Trump Justice Department
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Federal Reserve Chairman Jerome Powell speaks during a news conference following a two-day Federal Open Market Committee meeting in Washington, July 31, 2019. (AP Photo/Manuel Balce Ceneta, File)
Fed chair Jerome Powell reveals that the Justice Department has subpoenaed the US central bank, blasting the move as part of President Donald Trump’s pressure campaign.
“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 says in a statement late Sunday.
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026
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