Fed Chair Powell is under criminal investigation. What to know.

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• 00:04

  Good morning.

• 00:06

  Fed Chair Jerome Powell says the Trump administration is threatening him with a criminal indictment,

• 00:10

  and he's not mincing words.

• 00:13

  This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions,

• 00:18

  or whether, instead, monetary policy will be directed by political pressure or intimidation.

• 00:23

  Plus,

• 00:23

  Iran's protests stretch past the two-week mark as the regime cracks down hard with fatal force and an internet blackout.

• 00:32

  And a first at the Golden Globes last night, an award for best podcast.

• 00:37

  It's Monday, January 12th.

• 00:39

  I'm Shamita Basu.

• 00:40

  This is Apple News Today.

• 00:50

  Let's start with the Fed.

• 00:52

  Last night, Chair Jerome Powell posted a sharp,

• 00:55

  succinct response to the news that federal prosecutors are opening an investigation into him.

• 01:01

  No one.

• 01:01

  certainly not the chair of the Federal Reserve, is above the law.

• 01:05

  But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

• 01:12

  Powell's video uploaded to an official X account usually reserved for dry economic data updates is a stunning rebuke against the White House.

• 01:21

  He said the DOJ threats ostensibly focused on his congressional testimony related to the Fed's building renovation work.

• 01:28

  But Powell claimed this was a pretext.

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