The Trump administration, meanwhile, raised the stakes further this month by opening a criminal investigation into Federal Reserve Chair Jerome Powell. That fight isn’t before the Supreme Court, but it is likely to sit in the back of the justices’ minds. Rather than deciding the appeal on its emergency docket, the Supreme Court agreed to hear oral arguments. ‘Logically incoherent’Lawyers for fired leaders at other independent agencies for months sounded a warning they hoped would give the Supreme Court pause. The Federal Reserve did cut its benchmark interest rate in September, October and December — citing economic indicators, not presidential pressure.

Source: CNN January 19, 2026 15:01 UTC