Here are some heavy hitters standing up to defend Powell.
Statement on the Federal Reserve
Jan 12, 2026
The Federal Reserve’s independence and the public’s perception of that independence are critical for economic performance, including achieving the goals Congress has set for the Federal Reserve of stable prices, maximum employment, and moderate long-term interest rates. The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine that independence. This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly. It has no place in the United States whose greatest strength is the rule of law, which is at the foundation of our economic success.
Signed, every living Fed Chair and a long list of other economists
Their opinion has no impact on this administration, but the ‘sell America’ trade today accelerated the gap between my international equities versus my remaining U.S. equities- now up about 36% over the past year (international) versus about 16% ( U.S.).
Moneyed interests appear to be moving increasingly into precious metals, international equities and (fill in the blank).