economy
January 28, 2026
Powell to face press for first time since open defiance of Trump
Federal Reserve Chairman Jerome Powell will face questions from reporters on Wednesday after disclosing a Justice Department investigation that he has blamed on an effort by President Donald Trump to influence interest rate policy.
TL;DR
- Federal Reserve Chairman Jerome Powell will face questions from reporters after revealing a Justice Department investigation.
- Powell attributes the investigation to President Trump's efforts to influence interest rate policy.
- The Federal Open Market Committee is expected to hold its interest rate target steady at 3.50%-3.75% due to persistent inflation.
- Inflation remains above the Fed's 2% goal, with the CPI at 2.7% and the PCE index at 2.8% for the past year.
- Despite some softening, the labor market is considered relatively stable, and economic growth has been resilient.
- Powell's term as Fed chairman ends in May, and President Trump is considering replacements.
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