Jessica Mendoza

And meanwhile, right, they can't afford bread.

That's all for today, Thursday, January 15th.

The Journal is a co-production of Spotify and The Wall Street Journal.

Additional reporting in this episode from David S. Cloud and Benoit Falcone.

Thanks for listening.

See you tomorrow.

On Sunday night, my colleague Nick Timros was at home, going about his usual routine.

Always an exciting time in Washington these days.

But then, in the middle of Sunday night football, around 7.30 p.m.

Eastern, a two-minute video appeared on the Federal Reserve's X account.

It featured Fed Chair Jerome Powell in a gray suit in front of an American flag.

In a stunning move, Powell publicly broke the news that the Federal Reserve was under criminal investigation by the Justice Department, something that's never happened before.

Powell was very direct.

He said this action was a political move on the part of the Trump administration, intended to intimidate the Fed into lowering interest rates.

On Sunday night, President Trump said he didn't know anything about the subpoenas.

As you were watching the video, what was going through your mind?

Welcome to The Journal, our show about money, business, and power.

I'm Jessica Mendoza.

It's Tuesday, January 13th.

Coming up on the show, the Fed chair fights back.