The New York Times
January 12, 2026
HKS Authors
See citation below for complete author information.
Frank and Denie Weil Director of the Mossavar-Rahmani Center for Business and Government
Aetna Professor of the Practice of Economic Policy
Abstract
On Sunday evening, news broke that the Trump administration was targeting Jerome Powell — the Federal Reserve chair, whom President Trump has been raging about for months — with a highly dubious criminal investigation into supposed financial improprieties. Usually reserved in his public statements, Mr. Powell posted a video bluntly calling the allegations a dishonest attempt at revenge for the Fed’s refusal to simply follow the president’s wishes.
Citation
Furman, Jason. "Trump’s Attack on the Fed Is Already Backfiring." The New York Times, January 12, 2026.