Trumponomics How the Powell Probe Could Blow Up Trump’s Fed Plans
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Jan 14, 2026 
Saleha Mohsin, Senior Washington correspondent for Bloomberg News, joins Anna Wong, Chief U.S. economist at Bloomberg Economics, to explore the far-reaching implications of the probe into Fed Chair Jerome Powell. They discuss the unexpected political backlash it created, highlighting tensions within the Trump administration and how Powell’s strong response may complicate plans for his replacement. The duo also examines the potential fallout on monetary policy, suggesting the probe could hinder future interest rate cuts and raise broader questions about presidential power.
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Probe Threatens Fed Credibility
- The DOJ probe into Jerome Powell risks politicizing the Fed and undermining markets' confidence in US monetary policy.
- Powell framed the subpoenas as punishment for setting rates by evidence rather than political preference.
Uncoordinated Action Backfired
- The subpoena surprised senior White House officials and appears to have been pursued without clear final sign-off from President Trump.
- That lack of coordination has created internal White House tensions and public backfire.
Pulte Plays Bulldog Role
- Bill Pulte, an unelected regulator, has acted as a Trump bulldog on housing and Fed issues, creating friction with Treasury.
- Scott Bassett reportedly clashed with Pulte and found out about the subpoena while out of town.
