Unscheduled weekend statements from the Federal Reserve are, to put it mildly, not generally a good sign. It is well worth viewing Sunday’s video from Fed chairman Jay Powell through that lens. US president Donald Trump has long spoken in thuggish terms about Powell and his reluctance to slash interest rates as fast as the president would like. The next Fed chairman will, in everything but name, be Donald Trump, with all the adventures in rate policy and regulatory supervision that entails. We should be mindful, also, that markets professionals are straining every sinew to appear politically neutral and not to upset Trump.

Source: The Irish Times January 12, 2026 22:31 UTC