This is banana republic shit.

Federal Reserve Chair Jerome Powell dropped a bombshell Sunday: The Department of Justice has subpoenaed the central bank and is threatening to criminally indict him over his testimony about… a building renovation.

WHAT’S GOING ON: The Trump administration’s DOJ is investigating Powell for his June testimony to the Senate Banking Committee about the Fed’s $2.5 billion renovation project.

Republican Sen. Tim Scott claimed the project included “rooftop terraces, custom elevators that open into VIP dining rooms, white marble finishes, and even a private art collection.” Powell disputed those details under oath, saying “there’s no new marble… there are no special elevators.”

Now the Justice Department is threatening criminal charges over that testimony.

Let that sink in: The president who has attacked the Fed relentlessly for not cutting interest rates fast enough is now weaponizing the DOJ to go after the Fed chair—criminally.

OF COURSE: When asked if the investigation is intended to pressure Powell on rates, Trump claimed, “No. I wouldn’t even think of doing it that way.” (SURE, JAN.)

WHY IT MATTERS: Powell isn’t playing along anymore.

In a video statement, he abandoned his typical restraint and called the investigation exactly what it is: “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.”

The Fed chair just accused the Trump administration of using criminal prosecution threats to seize control of monetary policy. That’s not hyperbole—it’s his actual assessment.

ZOOM OUT: Powell joins a growing list of perceived Trump enemies facing criminal investigations from an increasingly weaponized DOJ. The administration has already tried to fire Fed governor Lisa Cook (courts blocked it), and Powell’s term ends in May.

The message is clear: fall in line or face prosecution.

BOTTOM LINE: Even Republican blowhard Sen. Thom Tillis isn’t having it.

He announced he’ll block all future Fed nominees “until this legal matter is fully resolved,” adding: “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.”

When Thom Tillis is your voice of reason, you know things have gone completely off the rails.

After ICE killed Renee Nicole Good—an American citizen and mother of three—Homeland Security is escalating, not retreating, sending what it calls its “largest enforcement operation ever” into Minneapolis neighborhoods. Protesters are meeting armed federal agents with drums, whistles, and car horns to disrupt door-to-door raids, while Trump officials spread debunked lies calling Good a “domestic terrorist” and claiming the agent was “run over” (he wasn’t—video proves it). Read the full story.

Trump spent Friday night rage-calling five GOP senators who voted to require congressional approval before he invades Venezuela, threatening to end their careers and blasting them on Truth Social as traitors who “should never be elected to office again.” OF COURSE, some—like Josh Hawley—immediately folded, proving once again that MAGA “principles” last exactly as long as it takes Trump to pick up the phone. Read the full story.

Trump threatened Sunday to veto legislation that would restore ACA subsidies—even though 17 Republicans joined Democrats to pass the bill in the House last week. (OF COURSE the guy who spent eight years screaming “repeal and replace” is still trying to kill healthcare for millions.) The subsidies expired at the end of 2025, meaning Americans are already facing massive premium increases. Read the full story.

Last week we asked, do you think Trump is "joking" about canceling the midterms? Overwhelmingly, you said NO (97.62%).

Shannon voted no and said: “Trump is a power-hungry idiot and knows that he will be going to prison soon if he loses in the midterms!!!”

Elaine wrote: “He will use any means possible to stay in power and keep himself out of prison.”

Selma wrote: “He's a sick narcissistic madman criminal that needs to be stopped and impeached and put in prison to rot in hell for what he is doing to people!”

Here are some stories the algorithms may be keeping out of your feed.

Donald Trump's decision to launch an investigation into Federal Reserve Chair Jerome Powell isn't just another political spat between a president and a central banker. It's a full-scale assault on one of the few remaining institutions that stands between working Americans and complete economic chaos.

That’s because…

We keep the vast majority of our journalism free—but we reserve our in-depth reporting and analysis for members who financially support us. Get access to the rest of the newsletter by becoming a member today.

(we have fixed the link)