Trump's Attack on Fed Chair Could Backfire Badly -- Market Talk

Dow Jones01-12

0434 GMT - The U.S. Department of Justice investigation Fed Chair Jerome Powell appears to be President Trump's last ditch effort to pressure him to end his term as head of the central bank in May, and to step down concurrently from the FOMC, despite that term not expiring until January 2028, says Betashares chief economist David Bassanese. While it makes for political theatre, it risks backfiring if it undermines market confidence in the independence of the Fed and pushes long-term bond yields higher. It's longer-dated bond yields, not the Fed's control over short-term rates, that determine mortgage rates, he says. (james.glynn@wsj.com; X @JamesGlynnWSJ)

(END) Dow Jones Newswires

January 11, 2026 23:34 ET (04:34 GMT)

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It's longer-dated bond yields, not the Fed's control over short-term rates, that determine mortgage rates, he says. 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While it makes for political theatre, it risks backfiring if it undermines market confidence in the independence of the Fed and pushes long-term bond yields higher. It's longer-dated bond yields, not the Fed's control over short-term rates, that determine mortgage rates, he says. 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While it makes for political theatre, it risks backfiring if it undermines market confidence in the independence of the Fed and pushes long-term bond yields higher. It's longer-dated bond yields, not the Fed's control over short-term rates, that determine mortgage rates, he says. 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