Fed Served With DOJ Subpoenas; Powell Vows to Stand Firm (Bloomberg)
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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.
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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.”
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“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” Powell said.
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The unprecedented move by the Trump administration marks an escalation of the president’s longstanding feud with the central bank’s chair. The president has repeatedly called for aggressive rate cuts, arguing the Fed should be acting to boost housing affordability and ease the government’s borrowing costs.
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He’s also long mused about firing Powell, and, in another extraordinary step, has sought to fire Fed Governor Lisa Cook. The Supreme Court is set to take up the Cook case later this month.
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Republican Senator Thom Tillis, a member of the Senate Banking Committee which oversees the Fed, came to the central bank’s defense on Sunday night. In a statement, he pledged to “oppose the confirmation of any nominee for the Fed — including the upcoming Fed chair vacancy — until this legal matter is fully resolved.”
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Without Tillis’ support, Republicans would face a significant hurdle to advance any nominee out of the committee to the full Senate for confirmation.
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“If there were any remaining doubt whether advisers within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question,” Tillis said.

Market Watch: ‘Sell America’ Trade Is Revived by Trump’s Latest Fed Attack (Bloomberg)

The dollar, Treasuries and US equities futures slid after Chair Jerome Powell said the threat of a US criminal indictment was a consequence of a disagreement over monetary policy. While the declines were relatively small, the hot-button issue of the Fed’s independence and the implications for US markets resurfaced in investor debates.

Stocks, bonds and the value of the dollar are all worth monitoring closely today in case this latest Trump-shaped blow to Fed independence triggers an economic reaction, Politico Playbook reported. 

Trump's Weakening Job Market

US Job Growth Hits Post-2003 Low Outside Recession in First Year Back in Office (Politico)

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The US economy added 584,000 jobs in 2025, the slowest annual growth outside of a recession since 2003, reflecting the low-hire, low-fire labor market conditions that have prevailed during the first year of President Donald Trump’s second term.

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Employers added 50,000 jobs in December, the Labor Department reported Friday, slightly below expectations, but the unemployment rate ticked down to 4.4 percent. That’s below the 4.5 percent rate reported for November, but joblessness overall has crept up from the 4 percent rate reported in January 2025, when Trump took office again.

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Although the labor market isn’t showing signs of rapid deterioration, the sluggish pace of job growth could further weigh on Americans’ perceptions of the economy, for which they are already giving Trump low marks.

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Presidential Leak: Trump Posted Unpublished Jobs Data Early on Social Media (Bloomberg)

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President Trump posted a chart on social media Thursday evening that included figures in the yet-to-be released December employment report.

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The chart, which showed the private sector added 654,000 jobs “since January,” matched figures that were not publicly published until 8:30 a.m. in Washington on Friday. It was posted on Truth Social about 12 hours before the data was set to be released.

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The US jobs data, published by the Bureau of Labor Statistics, are among the most closely guarded economic statistics and can move markets by trillions of dollars.

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The breach may add to what’s been a loss of trust in US government data and intensify concerns that what’s meant to be nonpartisan information is being politicized. It also risks spurring confusion around the data and creating more market volatility, said Diane Swonk, chief economist at KPMG.

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The Year of Disappearing Data: America’s Statistical System Is Breaking Down (Bloomberg) 

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Canceled surveys, missing datasets and staffing cuts are leaving the US with growing blind spots — and weakening trust in official numbers.

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Surveys that monitor food security, police misconduct and how schools are supporting post-pandemic learning recovery have been canceled. Data collection has been suspended for emerging substance abuse trends as well as more than 15% of the sample of the nation’s most popular inflation index.

Information about maternal and infant mortality in the US is no longer aggregated up to the national level, forcing doctors and researchers to scavenge across the states to gather it. And there’s no knowing whether databases on critical infrastructure for disaster planning, or maps that identify communities disproportionately affected by environmental hazards, will ever come back.

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The loss of this data is creating headaches — or worse — for the public officials, scientists, businesses and ordinary citizens who rely on it. And while canceling surveys is perhaps less drastic than manipulating the numbers outright, it’s still a form of controlling the narrative.

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But Trump has made it clear that some data collection simply doesn't align with White House “priorities” that no longer include “woke” topics such as climate change (which he claims is a “hoax”) or diversity, equity and inclusion. Many of the cuts have also been aimed at data that would reflect poorly on the administration’s policies.

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“If you are not collecting data, then it leaves this vacuum where anyone can say whatever they want,” says Beth Jarosz, vice president of the Association of Public Data Users. “The narrative will be political and propaganda rather than based in fact.”

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What I'm Reading

Mideast Watch: Iran Edges Closer to a Revolution That Would Reshape the World (Bloomberg)
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As protesters pour into the streets of Iran night after night, leaders across the region and around the world are grappling with the possibility that the Islamic Republic could be overthrown — a seminal event that would transform global geopolitics and energy markets.
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The regime of Supreme Leader Ayatollah Ali Khamenei has weathered bouts of protests many times, but demonstrations that began two weeks ago are spreading — by some accounts, hundreds of thousands of people defied authorities’ threats and a brutal crackdown to take to the streets over the weekend, from the capital Tehran to dozens of other cities across the nation of 90 million.

They are being cheered on by President Donald Trump, fresh off the capture of Venezuela’s Nicolas Maduro, and the US leader has in recent days repeatedly threatened to strike Iran, suggesting that America is back in the regime change business.

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More than 500 protesters have been killed in the past two weeks, according to the AP, citing the US-based Human Rights Activists News Agency, and more than 10,000 have been arrested in demonstrations triggered by a currency crisis and economic collapse, but now also focused on the regime.

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Nationwide Backlash: ICE and Border Patrol Shootings Spark Hundreds of Weekend Vigils and Protests Across the US (Axios)

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Protesters, estimated in the tens of thousands, took to the streets in Minneapolis and dozens of cities across the US Saturday to participate in over 1,000  "ICE Out For Good" protests and vigils, following the fatal shooting of Renee Nicole Good by an ICE agent in Minnesota. 

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Tens of thousands marched Saturday in Minneapolis, where protests and vigil gatherings have been ongoing for days since Good's death.

A crowd of roughly 2,000 people gathered in Manhattan on Sunday afternoon at the southeast corner of Central Park, many of them holding signs condemning President Trump’s mass deportation efforts and his recent military actions in Venezuela, according to the New York Times. 

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Below are photos from protests in Minneapolis (left), Portland (right), and New York City (below).

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Source: Getty Images
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Arctic Diplomacy: UK, Germany Discuss NATO Forces in Greenland to Calm US Threat (Bloomberg)

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A group of European countries, led by the UK and Germany, is discussing plans for a military presence in Greenland to show US President Trump that the continent is serious about Arctic security and to try to tamp down American threats to take over the self-ruling Danish territory.

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German Foreign Minister Johann Wadephul will meet with US Secretary of State Marco Rubio this week, when he’ll address the issue of Greenland and what role NATO can play in the region’s stability.

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Oil Powerplay: Trump Signs Order to Firewall Venezuela Oil Revenue Held in US (Bloomberg)

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President Trump took another step toward controlling future sales of Venezuelan oil and its proceeds by declaring a national emergency and issuing a directive meant to block claims on the revenue.

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The executive order Trump signed Saturday is meant to safeguard Venezuelan oil revenue held in US Treasury accounts, blocking it from the Latin American country’s creditors and preventing its seizure to satisfy debts or other legal claims, according to a White House fact sheet. The goal is “ensuring these funds are preserved to advance US foreign policy objectives,” the fact sheet said.

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Extreme Climate: One Person Dead and 300 Buildings Destroyed in Australia Bushfires (BBC)

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The fires have raged in dozens of locations across the country for several days, mostly in the state of Victoria, but also in New South Wales, burning through land almost twice the size of Greater London.

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A state of emergency has been declared in Victoria as thousands of firefighters and more than 70 aircraft battle the blaze. Residents in more than a dozen communities have been advised to leave their homes. Authorities fear the fires, which are being fueled by very hot, dry and windy conditions, could burn for several weeks.

While it is hard to link individual wildfires to climate change as how humans manage the land can play a factor, scientists say climate change is making the hot, dry weather conditions conducive to bushfires more common, BBC reported. 

Corporate Alarm: CEOs on Guard as Trump Rattles Companies With Series of Edicts (Bloomberg)

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In the last week, the president has fired off a series of demands and edicts aimed at C-suites, all in service of shoring up his political fortunes as midterm elections approach.

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On Friday, Trump called for a one-year cap on credit card interest rates at 10%, effective Jan. 20, without specifying details. Trump also said he would try to ban institutional investors like Blackstone Inc. from investing in single-family housing, as he grasped for a political cudgel to fight the rising cost of living.

Together, the moves showed a willingness to intercede in the operations of the private sector that is unprecedented in the modern era and would’ve been unthinkable among previous generations of Republican politicians.

🎙️ Now Live! Dive into the latest episode of the Daily Read Podcast—your smart, AI-driven breakdown of the day’s biggest headlines. Get richer context, sharper insights, and thoughtful analysis that takes you beyond the text. Catch the newest episode on Spotify or  Apple Podcasts today.

Nicolai Tangen: He Runs the World’s Biggest Sovereign Wealth Fund, but His Podcast Made Him Famous (New York Times)

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When Nicolai Tangen became the chief executive of Norway’s sovereign wealth fund in 2020, he said he wanted to raise its profile. He succeeded, via media appearances and a weekly podcast in which he talks with some of the world’s top executives, including Elon Musk and  Sam Altman of OpenAI.

Since Tangen became chief executive of Norges Bank Investment Management, which manages the fund, its value has increased about 80 percent. In March, he was appointed to a second five-year term after being credited with delivering strong results.

The podcast has become his calling card, and he is especially animated when discussing the show. Talking to top thinkers and executives, he said, gives him lessons on how to better manage the fund. It also provides Norwegians with insights into the companies their money is invested in and helps the fund with recruitment, he added.

Tangen’s latest podcast guest was Mike Bloomberg, who reflects on the founding of Bloomberg LP, his first job out of college, and the role philanthropy has played throughout his life. Watch the podcast on YouTube here or listen on Spotify here. 

NBA Takes from Boston: Celtics Star Jaylen Brown Calls for Player Equity as NBA Team Values Soar (Bloomberg)

NFL Standings: 49ers, Bills and Patriots are All Moving On After a Wild Weekend of NFL Playoff Action (CNN)

In Memoriam: Bob Weir, Guitarist and Founding Member of the Grateful Dead, Dies at 78 (New York Times)

Bob Weir, a guitarist and songwriter who was a founding member of the Grateful Dead, which rose from jug band origins to become the kings of psychedelic rock, selling millions of records and inspiring a small nation of loyal fans, has died. He was 78.

The band, which was founded in the San Francisco Bay Area in 1965, blended rock, folk, blues and country, with mellow ease and a gift for improvisation that became its trademark. In a rock milieu that was still based on short songs and catchy hooks, the Grateful Dead created a niche for meandering, exploratory performances that each seemed to have their own personalities.

Hollywood Honors: Golden Globes Crown One Battle After Another, The Pitt Among Big Winners in Reunion and Romance-Filled Night (People)

Awards season is officially in full swing. The 83rd annual Golden Globe Awards took place at the Beverly Hilton in Los Angeles on Sunday and left us with a clearer vision of this year’s Oscars contest.

One Battle After Another emerged as awards season's movie frontrunner with four awards, while Adolescence came out on top for television with the same number. Top acting awards were spread among many films, including The Secret Agent (Wagner Moura), Hamnet (Jessie Buckley), Sentimental Value (Stellan Skarsgard) and Marty Supreme (Timothée Chalamet), while TV winners included Pluribus' Rhea Seehorn, The Studio's Seth Rogen, and The Pitt's Noah Wyle, according to Time. 

After a well-received turn in 2025, comedian Nikki Glaser returned to host the celebration, which included reunions both expected — ER's Noah Wyle and George Clooney — and unexpected — The Secret Life of Bees costars Queen Latifah and Dakota Fanning.

View the full list of winners here. 

Best of Late Night

“Last week, President Trump sat down with The New York Times for an interview that lasted two hours. Yep, the interview went so long, The Times almost got to ask a second question.”
— Jimmy Fallon

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“By the end, Trump said that he could have talked for nine more hours. The reporters were like, ‘Sorry, Melania only paid us to babysit you for two, so, take care.’

— Jimmy Fallon

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“During the interview, Trump said that he would like to go to Venezuela. Yeah. Their president will be here and our president will be there. It’s fun. It’s like we’re doing a little dictator wife swap

— Jimmy Fallon

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And from the Late Show with Stephen Colbert: Meet Gros — the AI photo generator that does exactly what Elon Musk’s Grok wouldn’t. Click the photo below to watch. 

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