chair

It is a much more public show of support than Powell has previously displayed, but comes as Trump threatened Fed chair with criminal indictment.

United States Federal Reserve Chair Jerome Powell will attend the Supreme Court’s oral argument in a case involving the attempted firing of Fed governor Lisa Cook, an unusual show of support by the central bank chair.

The high court is considering whether US President Donald Trump can fire Cook, as he said he would do in late August, in an unprecedented attempt to remove one of the seven members of the Fed’s governing board. Powell plans to attend the high court’s Wednesday session, according to a person familiar with the matter, who spoke on condition of anonymity.

It is a much more public show of support than the Fed chair has previously shown Cook. But it follows Powell’s announcement last week that the Trump administration has sent subpoenas to the Fed, threatening an unprecedented criminal indictment of the Fed chair. Powell — appointed to the position by Trump in 2018 — appears to be casting off last year’s more subdued response to Trump’s repeated attacks on the central bank in favour of a more public confrontation.

Powell issued a video statement on January 11 condemning the subpoenas as “pretexts” for Trump’s efforts to force him to sharply cut the Fed’s key interest rate. Powell oversaw three rate cuts late last year, lowering the rate to about 3.6 percent, but Trump has argued it should be as low as 1 percent, a position few economists support.

The Trump administration has accused Cook of mortgage fraud, an allegation that Cook has denied. No charges have been made against Cook. She sued to keep her job, and the Supreme Court on October 1 issued a brief order allowing her to stay on the board while they consider her case.

If Trump succeeds in removing Cook, he could appoint another person to fill her slot, which would give his appointees a majority on the Fed’s board and greater influence over the central bank’s decisions on interest rates and bank regulation.

WASHINGTON — President Trump on Friday said he would like to keep his top economic advisor, Kevin Hassett, at the White House rather than potentially nominate him to replace Jerome H. Powell as chair of the Federal Reserve.

“I actually want to keep you where you are, if you want to know the truth,” Trump said at a White House event, when he saw Hassett, director of the National Economic Council, in the audience. ”I just want to thank you, you were fantastic on television the other day.”

Trump’s comments, while not clearly definitive, have upended expectations around the extensive search the White House has undergone to find a new Fed chair, one of the most powerful financial positions in the world. The president’s remarks have boosted the prospects for Kevin Warsh, a former Fed governor and already a top contender for the position.

Hassett has generally been seen as the front-runner in the race to replace Powell because he has worked for Trump since his first presidential term. Last month, Trump referred to Hassett as a “potential Fed chair.”

Powell’s term as chair will end May 15, though he could take the unusual step of remaining on the board as governor afterward. Trump appointed Powell in 2018 but soon soured on him for raising the Fed’s key interest rate that year.

Warsh’s candidacy probably has also been boosted by the Justice Department’s subpoenas of the Federal Reserve last week, revealed Sunday in an unusually direct video statement by Powell. The Fed chair charged that the subpoenas were essentially punishment for the central bank’s refusal to lower interest rates as sharply as Trump would like.

The criminal investigation — a first for a sitting Fed chair — sparked pushback on Capitol Hill, with many Republican senators dismissing the idea that Powell could have committed a crime. The subpoenas related to testimony Powell gave in June before the Senate Banking Committee that touched on a $2.5-billion building renovation project.

The backlash has intensified concerns in the Senate, analysts say, that the Trump administration is seeking to undermine the Fed’s independence from day-to-day politics. That, in turn, may reduce Hassett’s prospects.

The brouhaha over the subpoenas is “making it harder to confirm Hassett, who is distinctively close to the president,” Krishna Guha, an analyst at investment bank Evercore ISI, wrote in a client note. “Warsh is trusted by Senate Republicans and would be much easier to confirm.”

Yet Warsh, historically, is known as a “hawk,” or someone who traditionally supports higher interest rates to ward off inflation, as opposed to a “dove,” or someone who prefers lower borrowing costs to spur hiring and growth.

The yield on the 10-year Treasury note rose Friday, to just above 4.2%, from about 4.17% Thursday. The increase probably reflected a sense that Warsh’s chances had improved, and as a result the Fed would be less likely over time to cut rates than under a Hassett chairmanship.

Rugaber writes for the Associated Press.

The Traitors is nearing its finale and recently murdered Jessie was gobsmacked to find out who was this season’s Traitors

Jessie Stride showed she had no idea of a secret in this year’s series of The Traitors. The popular contestant was savagely murdered as series four nears its end. But she couldn’t hide her shock as she discovered the truth about who were The Traitors. As she found out the game Stephen Libby is playing, Jessie shrieked and fell off her chair.

Speaking on Traitors Uncloaked, Jessie said: “Ellie, oh my God. I’m not just a daft lass who wears yellow and orange! He had the audacity to murder me!” Her reactions reached an all-time high however when she found out that Ellie and Ross are actually dating. “You’re going to have beautiful babies!” she said.

READ MORE: Traitors star Stephen’s ‘genius’ trick to distract the players and it’s working a treatREAD MORE: Traitors stars share their shame and torment as tears flow during dinner

Her stunned reaction came as two players left the show on Thursday. Ellie was banished after Jessie had earlier been murdered.

The latest episode was one of the most emotional to date. As the remaining hopefuls enjoyed a dinner together, they explained their reasons for being on the show and revealed how they would use the winnings if they were victorious.

There were tears as Jade revealed her tragic past. The Faithful wiped away the tears as she told the group that she had lost her mother and her half-sibling in very difficult circumstances eight years ago.

The other seven players gasped and looked horrified for her as Jade explained: “My parents got divorced when I was seven, my Mum moved back to Hong Kong, she had a kid and then in 2018 they were both found dead.”

She added: “I have had to really rebuild myself from that point onwards. So I’m really proud of myself for being here and getting this far.” As the others commended her bravery, Jade said that if she ended up winning the prize money, she’d spend it on getting her own pad. “I think I’d really like to buy a home,” she said. “Somewhere I can call my own.”

And speaking to the camera after the dinner party, Jade said: “In 2018 I lost my Mum. I was always very close with her so it was a shock to the system.

“Our parents form a big core of our own identity so I had to rebuild myself. It’s affected me a lot. It takes me a very long time to let people in just because it does take me a minute to get comfortable and I can come off as a bit standoffish at first.”

Personal trainer Jack Butler, 29, also told the group his plan was to propose to his girlfriend “in the next few months”, saying he’d like to spend any winnings on a deposit for a house.

“I’ve got a secret plan, the ring’s already sorted, it’s a massive surprise,” he said. And that’s exactly what he seems to have done since the show.

Pictures have already shown him proposing to partner Kim during a trip to Santorini in August. The holiday took place two months after filming on the show ended.

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In a video statement, US Federal Reserve Chair Jerome Powell said an investigation by the Trump administration against him is a pretext to undermine the central bank’s independence. Federal investigators have opened a criminal investigation into Powell’s congressional testimony over the central bank’s renovation.

Former Federal Reserve chairs called the indictment an ‘unprecedented attempt’ to undermine the independence of the US central bank in a joint letter.

United States Senator Lisa Murkowski threw her support behind fellow Republican Thom Tillis’s plan to block President Donald Trump’s Fed nominees after the Justice Department over the weekend threatened to indict Fed Chairman Jerome Powell.

“The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer,” Murkowski wrote on X on Monday.

Murkowski is one of a small handful of Trump’s fellow Republicans who have shown themselves willing to vote against his wishes at times in the US Senate, where his party holds a 53-47 majority.

Since returning to office last year, Trump has been increasingly publicly pressuring the Fed to cut interest rates, breaking with longstanding practice meant to insulate the central bank from political pressure and allowing it to focus on economic data.

Alaska lawmaker Murkowski said she had spoken earlier on Monday with Powell, who on Sunday said the US central bank had received subpoenas last week that he called “pretexts” aimed at the Fed’s basing interest rates on policy and not on Trump’s preferences.

Murkowski called the Justice Department threat “nothing more than an attempt at coercion”, adding that Congress should investigate the department if it believes probing the Fed was warranted over renovation cost overruns, which she called “not unusual”.

Hassett weighs in

Powell’s term is up in May, and White House economic adviser Kevin Hassett has largely been seen as a potential pick to succeed him.

Hassett questioned Powell’s congressional testimony about the Fed’s new building construction, which is at the centre of the Justice Department’s probe.

“Right now, we’ve got a building that’s got like, dramatic cost overruns and plans for the buildings that look inconsistent with the testimony, but again, I’m not a Justice Department person. I hope everything turns out OK for Jay,” Hassett told the CNBC news programme Squawk Box.

Later, Hassett said he would support the investigation if he were in charge of the Fed, telling reporters that it “seems like the Justice Department has decided that they want to see what’s going on over there with this building that’s massively more expensive than any building in the history of Washington”.

Trump, who has long pushed for more aggressive interest rate cuts, said in a post on his Truth Social platform in December, “The United States should be rewarded for SUCCESS, not brought down by it. Anybody that disagrees with me will never be the Fed Chairman!”

Former officials condemn probe

The past three heads of the US Federal Reserve on Monday joined with other former federal government economic policy leaders in condemning the Trump administration’s criminal probe of the Fed chair, likening it to the interference with central bank independence more often seen in emerging market countries with “weak institutions”.

“The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine that independence,” a statement signed by former Fed chairs Janet Yellen, Ben Bernanke and Alan Greenspan said.

“This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly. It has no place in the United States whose greatest strength is the rule of law, which is at the foundation of our economic success.”

The three were joined by 10 other former top economic policymakers appointed by both Republican and Democratic presidents.

WASHINGTON — Federal Reserve Chair Jerome Powell said Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed’s building renovations.

The move represents a major escalation in President Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as quickly as he prefers.

The subpoena relates to Powell’s testimony before the Senate Banking Committee in June, he said, regarding the Fed’s $2.5-billion renovation of two office buildings, a project that Trump criticized as excessive.

Until now Powell had maintained a restrained approach to Trump’s criticisms and personal insults, which he has mostly ignored. But after Sunday’s actions, Powell issued a video statement in which he bluntly characterized the threats of criminal charges as “pretexts” to undermine the Fed’s independence when it comes to setting interest rates.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation,” Powell said.

The central bank had attempted to placate the administration by dialing back some policies, such as efforts to consider the effect of climate change on the banking system, that Trump and his economic advisors clearly opposed.

In his testimony in June, Powell disputed some of the criticisms that had been levied against the Fed’s renovation of two historic office buildings, which have ballooned in cost.

The White House did not immediately respond to a message seeking comment Sunday.

The Justice Department said in a statement Sunday that it can’t comment on any particular case, but added that Atty. Gen. Pam Bondi “has instructed her US Attorneys to prioritize investigating any abuse of tax payer dollars.”

A spokesperson for U.S. Atty. Jeanine Pirro’s office didn’t immediately respond Sunday to a text message and phone call seeking comment.

With the subpoenas, Powell becomes the latest perceived adversary of the president to face a criminal investigation by the Trump administration’s Justice Department. Trump has urged prosecutions of his political opponents, obliterating institutional guardrails for a Justice Department that for generations has taken care to make investigative and prosecutorial decisions independent of the White House.

The potential indictment has already drawn concern from one Republican senator, who said he’ll oppose any future nominee to the central bank, including any replacement for Powell, until “this legal matter is fully resolved.”

“If there were any remaining doubt whether advisors within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” said Sen. Thom Tillis of North Carolina, who sits on the Banking Committee that oversees Fed nominations. “It is now the independence and credibility of the Department of Justice that are in question.”

Rugaber writes for the Associated Press. AP writers Seung Min Kim, Eric Tucker, Michael Kunzelman and Alanna Durkin Richer contributed to this report.

BREAKINGBREAKING,

Central bank chair condemns ‘intimidation’ following grand jury subpoenas.

United States President Donald Trump’s administration has opened a criminal investigation into Federal Reserve Chair Jerome Powell, in a development set to heighten concerns about the independence of US monetary policy.

Powell said on Sunday that the central bank had been served with grand jury subpoenas related to his testimony about renovations to the Fed’s headquarters in Washington, DC.

“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 in a rare video message.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions – or whether instead, monetary policy will be directed by political pressure or intimidation.”

More to follow…

England and Trailfinders Women back row Abi Burton has been chosen as chair of a landmark leadership group of PWR players.

Burton, who was part of the Red Roses squad that won the Womens’ Rugby World Cup in September, will lead the Women’s Rugby Board set up by elite players union The Rugby Players Association (RPA).

The 25-year-old’s Rugby World Cup triumph came three years after she had to be placed in a coma to treat a serious immune disease attacking her brain.

“I’m really proud to have been elected chair of the first Women’s Rugby Board,” said Burton.

“It’s an important opportunity to ensure players’ voices are heard, and I’m looking forward to working with the board and the RPA to represent players across the women’s game.”

The new separate women’s board will ensure women’s players are better represented and able to respond to “specific challenges and opportunities they face” say the RPA.

Bristol Bears and Wales full-back Jenny Hesketh has been elected as vice-chair with Emily Tuttosi, who started for Canada against England in last year’s World Cup final, chosen as Exeter Chiefs representative.

The Women’s Rugby Board representatives for the 2025–26 season

Bristol Bears: Jenny Hesketh (vice-chair)

Exeter Chiefs: Emily Tuttosi

Gloucester Hartpury: Sam Monaghan

Harlequins: Lagi Tuima

Leicester Tigers: Grace Deane

Loughborough Lightning: Elis Martin

Sale Sharks: Tysh Harper

Saracens: Ella Wyrwas

Trailfinders Women: Abi Burton (chair)

Dec. 31 (UPI) — Former special counsel Jack Smith denied targeting President Donald Trump ahead of the 2024 presidential election while testifying before the House Judiciary Committee on Dec. 17.

He firmly denied pursuing the dual prosecutions against Trump for political reasons, Axios reported.

“I entirely disagree with any characterization that our work was in any way meant to hamper him in the presidential election,” Smith said.

The committee hearing was done behind closed doors, but House Judiciary Chairman Rep. Jim Jordan. R-Ohio, on Wednesday released the transcript and a video of the hearing that lasted for 8 hours and 21 minutes.

Smith led the Biden administration’s effort to prosecute Trump for his handling of classified documents and efforts to overturn the 2020 election results after losing to President Joe Biden.

“The decision to bring charges against President Trump was mine, but the basis for nine of those charges rests entirely with President Trump and his actions, as alleged in the 10 indictments returned by grand juries in two different districts,” Smith told House Judiciary Committee members.

He said he was deciding whether to charge alleged co-conspirators for attempting to overturn the 2020 election results, but Trump’s election win in 2024 halted the investigation.

Smith said Rudy Giuliani and Boris Epshteyn were among the Trump associates his prosecutorial team had interviewed but did not charge with alleged crimes.

When asked why he didn’t charge those two and others with lesser crimes to force them to testify against Trump, Smith said the case had plenty of evidence and no other witnesses were needed.

Smith did not offer any information to the committee that was not already publicly available regarding Trump’s handling of classified documents because U.S. District Court of Southern Florida Judge Aileen Cannon ordered him to keep the relevant contents of a 137-page case report private, he told the committee.

He said Giuliani did not believe the claims that he had made regarding voter fraud during the 2020 election and “disavowed a number of the claims,” which he excused as “mistakes or hyperbole,” Smith said.

The former special counsel also acknowledged that testimony by former White House aide Cassidy Hutchinson was based on hearsay and inadmissible in court.

Hutchinson claimed she was told Trump had become very angry when told that his driver was taking him to the White House instead of the Capitol and tried to grab the steering wheel of an SUV in which he was being transported during the Jan. 6, 2021, demonstration at the Capitol that devolved into a riot.

She made the claim privately and before an ad-hoc House select committee, the members of which then-House Speaker Nancy Pelosi, D-Calif., had chosen and mostly were Democrats.

Her account was not corroborated by others with firsthand information, Smith said.

He told the committee that Trump was the most responsible party for the Jan 6 demonstration that became a riot by stirring distrust and making false statements and refused to stop the riot.

Smith said he would pursue charges against the president again if given the chance to do so.