Kai Risdahl

One of his lyrics comes to mind, and this is where Powell and the dead come together in this moment.

What a long, strange trip it's been, that lyric goes from the 1970 classic Truckin'.

What a long, strange trip indeed.

The first time I interviewed Jay Powell was the summer of 2018, not long after he'd gotten the job.

His first broadcast interview, if I might humble brag just a bit.

And I asked him about something that was even then strange.

Becoming clear and apparent, the guy who put him in the job, criticizing him personally and often.

Here's what Powell said.

And here we are, just shy of eight years later, and this was part of what Powell said yesterday afternoon after being subpoenaed by the Department of Justice and threatened with a criminal investigation.

I think I don't need to say this, but I will just to be clear.

This is a very big deal.

You know how we got here.

We've covered that a lot.

The question is, what happens now?

That's in a minute, but I'll tell you what.

To look at the markets today, yesterday was just another Sunday.

We'll have the details when we do the numbers.

About a year and a half ago, right before the presidential election, with an eye toward what had happened in the first Trump term that I just alluded to, we spent the whole program on Fed independence and what might happen if it goes away.

Given the events of the past 24 hours, we're going to revisit some of the conversations we had for that show on this show, including one with Wendy Edelberg.

She's a senior fellow at the Brookings Institution.