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central bank president never speaks lightly, especially when responsible for the monetary policy of the world's leading economic power. It was unprecedented for the chair of the Federal Reserve, Jerome Powell, to speak directly to the president of the United States in a video address on Sunday, January 11, to condemn the "pressure" and "threats" he faced. The statement marked the climax of months of tension between Donald Trump and the Fed, which is desperately fighting to preserve its independence.
With carefully measured words, as his position demands, Powell broke from his usual restraint to respond to the subpoena he had just received from federal prosecutors. Authorities were investigating the Fed chair's testimony before Congress in June 2025, during which he had to justify cost overruns in the renovation of the institution's headquarters. The apparent goal was to establish that Powell had lied to lawmakers.
For months, Powell kept his composure and avoided responding to Trump's relentless provocations. The president has accused him of not lowering American interest rates quickly enough to stimulate the economy, despite high inflation. Trump has hurled insults at him, threatened to fire him and tried to remove other members of the Fed's Board of Governors in pursuit of his aims – all without success.
