Fed Chair Under DOJ Probe, Trump Now Casts Fed Like Reality TV Show
KEY POINTS
- •Jerome Powell faces a DOJ probe for allegedly false testimony about Fed building renovations and will leave his post in May.
- •The Federal Reserve is expected to hold interest rates steady in January due to 2.7% inflation and disappointing jobs data.
- •Trump plans to select Powell's replacement soon, eyeing advisors like Kevin Hassett and Rick Rieder amid political calls to oppose nominations.
Jerome Powell, the Federal Reserve chair facing DOJ investigation over allegedly lying about building renovations during a June 2025 Congressional hearing, will be out by May—because apparently central banks now come with political drama and subpoenas. Trump's already sharpening his casting knife to pick Powell's successor from an All-Star lineup including economic advisor Kevin Hassett and BlackRock’s Rick Rieder, signaling the Fed could pivot from data-driven decisions to White House reality TV cameo-level chaos. Market watchers expect no rate cuts in January despite stubborn 2.7% inflation and a limp 4% unemployment rate, because economic policy now pairs with political intrigue to spice up Wall Street boredom.
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Nothing says 'economic stability' like the Fed chair getting DOJ subpoenas for building reno fibs while Trump auditions a new cast for this season's 'Interest Rates: The Reality Show.' Someone order popcorn for the May finale.
The Fed’s drama this year: Jerome Powell's job's ending, DOJ's investigating, and Trump’s casting for the sequel. Spoiler: Inflation and politics star as villains.
Powell’s allegedly fibbing about Fed building renovations is peak 'We’re all terrible drivers of our own lives.' At least Trump’s successor picks promise a plot twist.
Source: Businessinsider | Published: 1/27/2026 | Author: Allie Kelly,Madison Hoff
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