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Sunday, January 18, 2026

Jerome Powell’s Thankless Rescue of Trump

The Fed chair has saved Trump from his worst instincts but failed to do so for Biden.

By Roger Lowenstein, The Atlantic 

When historians eventually study whom Donald Trump treated worse—his enemies or his friends and loyal servants—the sad case of Jerome Powell will weigh heavily on the scales.

Not only did Trump discharge the usual fusillade of schoolyard insults and infantile tantrums at the man he appointed chair of the Federal Reserve Board; as the world now knows, Trump’s Department of Justice has also opened a spurious criminal investigation of Powell for allegedly making false statements to Congress about a cost overrun in a construction project.

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