Today's Market Minute* U.S. President Donald Trump's administration has threatened to indict Federal Reserve Chair Jerome Powell over comments to Congress about a building renovation project, an action Powell called a "pretext" to gain more influence over interest rates Trump wants cut dramatically. * President Trump said on Sunday that he might block Exxon Mobil from investing in Venezuela after the oil major's CEO called the country "uninvestable" during a White House meeting last week. Powell pulls no punchesChair Powell revealed on Sunday that the Fed had received subpoenas last week related to remarks he made to Congress this past summer regarding cost overruns for a $2.5 billion building renovation project at the Fed's headquarters in Washington. European shares dipped early on Monday, though this may have been driven less by the U.S. Justice Department’s threats to Powell and more by Trump’s call on Friday for a one-year cap on credit card interest rates at 10%. The other major news of the weekend was the crackdown on the escalating protests in Iran against the clerical establishment.

Source: The Edge Markets January 12, 2026 17:11 UTC