White House Had Seemed to Move on From Fed Construction Dustup -- Market Talk

Dow Jones01-12

0043 GMT - The Department of Justice's unprecedented move to serve the Federal Reserve with subpoenas relates to a project to renovate the Washington, D.C. headquarters of the Fed's board of governors. Over the summer, President Trump and his allies criticized the project's expense, and some in Trump's orbit alleged that Fed Chair Jerome Powell had misled Congress about the details. The Fed rebutted those allegations. After Trump toured the construction project in late July to see it for himself, he mostly seemed to move on from the issue, at least in public. Now, with the subpoenas, the construction project threatens to become a historic turning point in the relationship between the White House and the U.S. central bank. (matt.grossman@wsj.com, @mattgrossman)

(END) Dow Jones Newswires

January 11, 2026 19:43 ET (00:43 GMT)

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