On Wednesday, the Supreme Court gears up to hear arguments in a crucial case over the independence of the Federal Reserve, Trump v. Cook. But it won’t even be the first make-or-break moment the country’s main economic institution has had in the past few weeks.
President Donald Trump’s effort to seize control of the Federal Reserve and its power to set interest rates escalated last Sunday when Fed Chair Jerome Powell announced that he had been served “grand jury subpoenas” and threatened with “criminal indictment” related to cost overruns for the central bank’s building restoration project.
Powell immediately pushed back. The DOJ’s claim that he had lied in congressional testimony about the project was a mere “pretext” that needed to be seen “in the broader context of the administration’s threats and ongoing pressure,” Powell said.
“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.
Scientists may have discovered an explanation for a cosmic mystery uncovered by the James Webb Space Telescope several years ago: the origin of "little red dots" scattered across the cosmos.
While President Donald Trump might have the medal in hand, the 2025 Nobel Peace Prize awarded to Venezuelan opposition leader María Corina Machado cannot be redistributed to him, the Nobel Foundation said in a statement following Machado's move to present the president with the award at their Jan. 15 meeting at the White House.
Multiple Israeli strikes across Gaza kill up to 15 Palestinians. Senior Hamas official Osama Hamdan says the killing of commander Mahmoud al-Holi is an attempt to derail the ceasefire amid other violations. Israeli strikes in southern Lebanon kill two.
An explosion of unknown origin in a high-rise residential building in Kharkiv early Saturday left at least two people dead and others injured, city officials said.
Workers at popular New York City bakery chain Breads Bakery announced a move to unionize, claiming it has “underpaid, undervalued, disrespected, discriminated against, intimidated and hurt” staff, as well as supported “the genocide happening in Palestine”.
Donald Trump threatened to sue JPMorgan Chase on Saturday, citing an unsubstantiated allegation that major banks discriminated against him after the 6 January 2021 Capitol riot.
IIn a rare rebuke of his most important ally, President Benjamin Netanyahu’s office said the so-called Board of Peace ‘was not coordinated with Israel and is contrary to its policy’.
