Over the weekend, Federal Reserve Chair Jerome Powell said the Department of Justice served the Fed with grand jury subpoenas. Powell says it’s all a sham. But the stakes are unprecedented: A potential criminal indictment.

Gold and silver prices climbed to record highs early Monday after the Justice Department’s probe into Federal Reserve Chair Jerome Powell spurred investor demand for safe-haven assets, marking another surge for the precious metals after a record-shattering 2025.

Central bank chiefs from around the world lined up in support of Federal Reserve Chair Jerome Powell on Tuesday, issuing an unprecedented statement of solidarity after the Trump administration threatened him with a criminal indictment.

The report is the last of its kind before the Federal Reserve meets again in two weeks. With the employment report for December showing the unemployment rate sinking back to a relatively healthy 4.4 percent, officials are expected to hold interest rates steady after cutting them three times since September.

Inflation declined a bit last month as prices for gas and used cars fell, a sign that cost pressures are slowly easing

The Federal Reserve's staff forecast sees continued upward pressure on inflation this year, according to minutes of the central bank's meeting last month. Inflation isn't expected to slow until 2027 and return to the Fed's target of 2% in 2028.

Federal Reserve chair Jerome Powell said the Department of Justice has threatened the central bank with a criminal indictment.

The South Carolina Republican has not weighed in on the central bank’s independence after a hearing he led comes under DOJ scrutiny.