FT News Briefing US opens criminal investigation into Fed chair
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Jan 12, 2026 
In this discussion, Andrew England, FT Middle East editor, delves into the unrest in Iran, highlighting protest dynamics and the government's crackdowns. He discusses the uncertainties surrounding reform efforts and potential US responses. Meanwhile, Josh Franklin, FT U.S. banking editor, explores the upcoming earnings season on Wall Street, revealing expectations for a booming investment banking year and the pent-up demand for M&A activity. He also considers the risks banks face with potential opportunities in Venezuela.
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Investigation Puts Fed Independence At Risk
- U.S. federal prosecutors have opened a criminal investigation into Fed Chair Jay Powell over a $2.5bn HQ renovation and his Senate testimony.
- Powell says the probe risks politicising monetary policy and threatening Fed independence.
Internet Blackout Masks Scale Of Iran Unrest
- Protests in Iran have escalated with a near-total internet blackout and reports of violent clashes and security-force casualties.
- Communications constraints make casualty and detention figures uncertain but activists report dozens to hundreds affected.
President's Voice May Be Overruled By Hardliners
- Iran's reformist president pledges dialogue but the wider regime continues to crack down and blame foreign interference.
- That split means concessions from the presidency may not prevent forceful suppression by other authorities.