Fed Served With DOJ Subpoenas; Iran Says Protests Quelled After Hundreds Reported Killed

30 snips

Jan 12, 2026

John Tucker / Reporters (primary on ID 2)

John Tucker, a Bloomberg reporter known for breaking news coverage, joins the discussion on the significant political pressures facing the Federal Reserve. Powell announced grand jury subpoenas from the DOJ linked to his congressional testimony, raising concerns about the Fed's independence. The conversation also delves into Iran's assertion of control amid protests, and the U.S. response to unrest and rising casualty figures, showcasing complex global dynamics.

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INSIGHT

DOJ Subpoenas Escalate Fed Pressure

The DOJ served grand jury subpoenas on the Federal Reserve over Powell's testimony about renovations, escalating political pressure on the central bank.
Jerome Powell framed the move as part of a broader campaign threatening Fed independence and its rate-setting based on public interest.

ANECDOTE

Bill Pulte's Role In Fed Subpoena

Bloomberg reported that Federal Housing Finance Agency Director Bill Pulte pushed for the subpoena and has campaigned against Jay Powell's approach.
Pulte also filed a criminal referral on Fed Governor Lisa Cook, linking these moves to a broader investigatory push.

INSIGHT

Markets Signal Risk To Fed Independence

Markets reacted strongly to the administration's attacks on the Fed with the dollar, Treasuries and futures sliding while gold and silver hit record highs.
Investors perceive political interference with the Fed as a major market risk that fuels flight to safe-haven assets.

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On today's podcast:
1) 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.” In an interview with NBC News on Sunday, President Trump denied having any knowledge of the DOJ’s investigation into the central bank.
2) Top diplomats from Denmark and Greenland will meet US Secretary of State Marco Rubio in Washington DC on Wednesday, TV2 reports. Denmark’s Foreign Minister Lars Lokke Rasmussen and his Greenlandic counterpart Vivian Motzfeldt are set to attend the meeting, the Danish broadcaster says, citing a calendar from the US Department of State, which also notes that changes to the schedule may occur. Denmark is banking on the meeting in Washington to defuse President Trump’s renewed push on Greenland and to help reset strained ties with the US over the strategic island.
3) Iran’s Foreign Minister said security forces have “full control” of the country after two weeks of ongoing upheaval, accusing Israel and the US of fomenting the nationwide protests in which hundreds of people have been killed. Abbas Araghchi repeated claims by the Iranian government that “rioters and terrorists” had killed police and civilians and destroyed public property using “daesh-style violence,” referring to the Arabic acronym for Islamic State. Protests in Iran erupted on December 28th after a sudden collapse in the value of the currency. More than 540 have been killed in the protests and over 10,000 arrested, according to the Human Rights Activist News Agency, which is tracking demonstrations in 186 cities across Iran’s 31 provinces.

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