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Hello Capitalists,
Here is everything you should be following today:
Powell slams DOJ probe into his congressional testimony
Gold and silver surge to new heights on news of the probe
GOP rebel threatens to block all Fed picks
Trump proposes a cap on credit card interest
Bank stocks reel on credit card cap announcement
Today’s markets + assets:
✅ DOW: 49514.93 (⬆️ 0.02%)
✅ S&P: 6975.63 (⬆️ 0.13%)
✅ NASDAQ: 23766.33 (⬆️ 0.40%)
⚠️✅CBOE VIX Volatility Index: 15.10 (⬆️ 4.21%)
✅ Gold: $4614.80 (⬆️ 2.55%)
✅ Silver: $85.10 (⬆️ 7.21%)
✅ Bitcoin: $91,489 (⬆️ 1.13%)
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Powell slams criminal probe as Trump intimidation
Federal Reserve Chair Jerome Powell revealed Sunday that the Justice Department has launched a criminal investigation into his congressional testimony [ [link removed] ] on the central bank’s $2.5 billion headquarters renovation, accusing President Donald Trump of using the probe to pressure the Fed into slashing interest rates faster. In a rare video statement, Powell vowed to defend the central bank’s independence amid the escalating political clash.
Probe Targets Testimony The investigation, first reported by The New York Times, focuses on whether Powell lied to Congress about the scope and costs of the multiyear Fed building renovation project.
Subpoenas Issued Friday Federal prosecutors served the Federal Reserve with grand jury subpoenas threatening indictment, stemming from a July 2025 referral by Rep. Anna Paulina Luna alleging perjury and false statements.
Powell Blames Political Motive He directly linked the inquiry to Trump’s frustration over the Fed’s refusal to cut rates aggressively, calling it an unprecedented threat to evidence-based monetary policy.
Markets React Uneasily Stock futures dipped initially while gold rallied as a safe haven, with analysts warning of potential erosion in Fed credibility and broader implications for U.S. dollar strength.
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Fed assault ignites gold silver rocket surge
Gold and silver smashed fresh all-time highs Monday [ [link removed] ] as Federal Reserve Chair Jerome Powell warned that Trump administration threats and a DOJ probe are undermining the central bank’s independence, driving investors to precious metals as a safe haven amid a weakening dollar and escalating geopolitical risks.
Powell blasts destabilizing pressure: Fed Chair Jerome Powell described administration threats and an ongoing DOJ criminal probe over Fed headquarters renovations as a “deeply destabilizing event” fueling safe-haven demand for precious metals.
Gold blasts past 4600: Gold futures surged 2% to exceed $4,600 per ounce, marking new records as investors flock to the metal amid fears over Fed credibility and broader economic uncertainty.
Silver outperforms dramatically: Silver climbed above $84 per ounce, continuing its strong outperformance over gold in 2025-2026, boosted by industrial demand, China’s export restrictions, and supply deficits.
Geopolitical risks amplify rally: Beyond Fed tensions, record central bank gold buying, U.S. actions in Venezuela, threats over Greenland, and reshaping global power dynamics are pushing precious metals higher as protection against disorder.
GOP Rebel Tillis vows to block all Trump fed picks
Sen. Thom Tillis (R-N.C.) announced Sunday he will oppose confirmation [ [link removed] ] of any Trump nominee to the Federal Reserve—including the upcoming chair vacancy—until the Justice Department’s criminal probe into Chair Jerome Powell for potential perjury is fully resolved, citing threats to the Fed’s independence and DOJ credibility amid the administration’s pressure on monetary policy.
Tillis Questions DOJ Credibility Tillis accused Trump advisers of actively undermining Federal Reserve independence, shifting scrutiny to the Justice Department’s own integrity in pursuing the Powell investigation.
Probe Centers on Perjury Claims The DOJ, led by U.S. Attorney Jeanine Pirro, is examining Powell’s congressional testimony about Federal Reserve headquarters renovation cost overruns, which Powell calls a pretext for coercion on interest rates.
Banking Committee Stalemate Looms As a key member of the Senate Banking Committee (13 Republicans, 11 Democrats), Tillis’s opposition could prevent nominees from advancing on party-line votes, complicating Trump’s plans to install a new chair by May.
Powell Defends Fed Autonomy Powell publicly acknowledged the subpoena while rejecting it as unprecedented retaliation, warning it fits a pattern of administration efforts to erode the central bank’s independence for political ends.
Trump’s 10% credit card cap shocks industry
President Trump has called for a one-year 10% cap on credit card interest rates [ [link removed] ] [ [link removed] ]starting Jan. 20, reviving a campaign pledge amid high consumer debt—but enforcement remains unclear, and bank insiders warn the move risks slashing credit access for millions, especially subprime borrowers, with potentially devastating economic fallout.
Enforcement Path Unclear Major banks doubt quick implementation via Congress or regulators like the CFPB, which the administration has targeted for cuts; experts see the Jan. 20 deadline as pressure for voluntary compliance rather than binding law.
Stocks Plunge Sharply Shares of key players like Capital One, JPMorgan, Citigroup, Visa, and Mastercard fell Monday as markets reacted to threats against profitable credit card operations.
Subprime Credit At Risk Studies suggest over 80% of accounts with scores below 740 could lose access under a strict cap, forcing issuers to exit high-risk lending to avoid losses on subprime portfolios.
Broader Economic Drag Feared Reduced rewards, higher prices from retailers and airlines, and shifts to costlier alternative debts could curb consumer spending and slow growth, with insiders calling impacts potentially “devastating” for families and businesses.
Banks reel after Trump’s credit card rate cap slam
President Donald Trump’s call for a one-year 10% cap on credit card interest rates effective January 20, 2026, triggered sharp declines in bank stocks [ [link removed] ] Monday, with Capital One plunging and specialized issuers like Synchrony tumbling, amid warnings the move could slash consumer credit access.
Banks Face Major Selloff Capital One and Synchrony shares dropped 7-8% in early trading, while diversified giants like Citigroup fell nearly 4% and JPMorgan 2% as investors reacted to potential profitability hits.
Trump Doubles Down Enforcement On Sunday, Trump told reporters banks failing to comply with the 10% cap would violate the law, though he offered no details on implementation.
Industry Warns Credit Crunch Banking groups and analysts predict reduced lending to higher-risk borrowers, potentially cutting access for subprime customers and forcing reliance on costlier alternatives like payday loans.
Revives Campaign Pledge The proposal echoes Trump’s 2024 campaign promise, requiring congressional approval despite prior bipartisan bills for similar 10% caps that stalled in Congress.
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