On Sunday night, Federal Reserve Chair Jerome Powell announced that the US Department of Justice had served the Fed with grand jury subpoenas threatening a criminal indictment over a costly renovation of the central bank’s building.

It was a watershed moment in the escalating tension between the Trump administration and the US central bank. 

On today’s Big Take podcast, host David Gura sits down with Fed reporters Amara Omeokwe and Enda Curran to discuss what this means for one of the most important financial institutions in the world, for Powell, for the White House — and where things could go from here. 

Read more: 
Fed Served With DOJ Subpoenas; Powell Vows to Stand Firm 
Former Fed Chairs, Treasury Secretaries Condemn Powell Probe
Trump Faces Fed Roadblock as Republicans Blast Justice Probe

Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Amara Omeokwe and Enda Curran; Edited by Naomi Shavin.

Fact-checking by David Fox and Julia Press; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

On Sunday night, Federal Reserve Chair Jerome Powell announced that the US Department of Justice had served the Fed with grand jury subpoenas threatening a criminal indictment over a costly renovation of the central bank&rsquo;s building.
It was a watershed moment in the escalating tension between the Trump administration and the US central bank.&nbsp;
On today&rsquo;s Big Take podcast, host David Gura sits down with Fed reporters Amara Omeokwe and Enda Curran to discuss what this means for one of the most important financial institutions in the world, for Powell, for the White House &mdash; and where things could go from here.&nbsp;
Read more:&nbsp;
<ul>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-01-12/powell-says-justice-department-served-fed-with-subpoenas?srnd=homepage-americas">Fed Served With DOJ Subpoenas; Powell Vows to Stand Firm</a>&nbsp;</li>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-01-12/former-fed-chairs-treasury-secretaries-condemn-doj-powell-probe?srnd=homepage-americas">Former Fed Chairs, Treasury Secretaries Condemn Powell Probe</a></li>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-01-12/trump-faces-fed-roadblock-as-key-republican-blasts-justice-probe?srnd=homepage-americas">Trump Faces Fed Roadblock as Republicans Blast Justice Probe</a></li>
</ul>
Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Amara Omeokwe and Enda Curran; Edited by Naomi Shavin.
Fact-checking by David Fox and Julia Press; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

What the DOJ Subpoenas Mean for the Fed

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/3fb84cd8-152e-4c9c-84ac-b3d0015d10ca/transcript