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    Powell probe, Iran threats and Golden Globes winners

     
    TODAY’S FINANCIAL story

    Trump DOJ targets Fed’s Powell, drawing pushback

    What happened
    Federal Reserve Chair Jerome Powell last night disclosed that the Justice Department was “threatening a criminal indictment” against him over testimony he gave to the Senate last summer about an over-budget renovation of the Federal Reserve’s historic headquarters. Powell called the “unprecedented” criminal investigation part of President Donald Trump’s “threats and ongoing pressure” on him to slash interest rates, and many analysts agreed. Sen. Thom Tillis (R-N.C.) said he would use his vote on the Banking Committee to oppose any Trump nominees to the central bank until “this legal matter is fully resolved.” 

    Who said what
    “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” Powell said in a video message. His statement was “notable for its forceful pushback after years of generally avoiding commenting at all on Trump’s repeated attacks on the central bank,” The Washington Post said. 

    The White House “began highlighting cost overruns” in the Fed renovations “last summer after Trump grew unhappy that Powell wasn’t moving faster to cut interest rates,” The Wall Street Journal said. The “brouhaha” over costs “appeared to be an effort to erode the public’s trust in Powell, build a legal case to force him out, or both.” White House budget director Russell Vought — whose Project 2025 governing blueprint called for “effectively abolishing” the Fed — flagged Powell’s testimony for investigation in July, CNN said.

    “I don’t know anything about” the Justice Department’s actions, Trump told NBC News last night, and “I wouldn’t even think of doing it that way” to pressure Powell to lower rates. This investigation removes “any remaining doubt” that Trump’s aides are “actively pushing to end the independence of the Federal Reserve,” Tillis said. “It is now the independence and credibility of the Department of Justice that are in question.”

    What next?
    Opposition by Tillis to Trump’s Fed picks, including a new chair when Powell’s term ends in May, “wouldn’t doom a confirmation on its own,” Semafor said. But it would leave the committee with an 11-11 split that “would require “extra steps from party leaders to break.” Trump’s unprecedented effort to fire Fed board member Lisa Cook goes before the Supreme Court for arguments Jan. 21. 

     
     
    TODAY’S INTERNATIONAL story

    Trump, Tehran trade threats as protest deaths rise

    What happened
    The death toll from nationwide protests in Iran surpassed 500 yesterday, with at least 496 protesters and 48 security personnel killed since the demonstrations broke out Dec. 28, according to the U.S.-based Human Rights Activists News Agency. More than 10,600 people have been detained. Iranian Foreign Minister Abbas Araghchi claimed this morning that “the situation has come under total control” after the protests “turned violent and bloody to give an excuse” for President Donald Trump to intervene.

    Who said what
    Trump told reporters aboard Air Force One last night that Iran was “starting to” cross the red line he drew of not killing protesters. “The leaders of Iran called” on Saturday “to negotiate,” he said, and a “meeting is being set up, but we may have to act because of what’s happening before the meeting.” Iran’s parliament speaker Mohammad Ghalibaf said yesterday that if the U.S. “takes military action,” its military bases and “shipping lanes will be our legitimate targets.” 

    An internet and phone blackout has made it difficult to assess the situation in Iran, but authenticated footage seeping out shows mass protests, violent crackdowns and rows of body bags. “Things here are very, very bad,” a source in Tehran told the BBC yesterday. “They were firing live rounds. It’s like a war zone, the streets are full of blood. They’re taking away bodies in trucks.”

    What next?
    “The military is looking at it, and we’re looking at some very strong options,” Trump told reporters. He is scheduled to meet with senior administration officials tomorrow to discuss the options, “which could include boosting antigovernment sources online, deploying secretive cyber weapons,” military strikes and new sanctions, The Wall Street Journal said. 

     
     
    TODAY’S CULTURE Story

    Golden Globes affirm ‘One Battle,’ boost ‘Hamnet’

    What happened
    “One Battle After Another” and “Hamnet” took best picture honors at the 83rd Golden Globes last night. Timothée Chalamet (“Marty Supreme”) and Rose Byrne (“If I Had Legs I’d Kick You”) won the best comedy actor awards, and Jessie Buckley (“Hamnet”) (pictured above) and Brazil’s Wagner Moura (in best foreign film winner “The Secret Agent”) were awarded Golden Globes best actors in a drama. Comedian Nikki Glaser hosted the ceremony. 

    Who said what
    With “One Battle After Another,” Paul Thomas Anderson became “just the second filmmaker to sweep director, screenplay and film at the Globes,” after Oliver Stone for “Born on the Fourth of July” in 1990, The Associated Press said. The Golden Globes “went almost entirely as expected,” but “‘Hamnet’ pulled off an upset over ‘Sinners’” for best drama. While “Sinners” was “the favorite to win,” Brooks Barnes said at The New York Times, “Globes voters are heavily international” and its “profoundly American story” did not sell “as well overseas as it did domestically.”

    “One Battle After Another,” “Sinners,” best TV drama “The Pitt” and “quite a few” of this year’s other winners “shared a common thread,” the Times said: “All are part of Warner Bros. Discovery,” the “venerated film and television studio” at the center of a bidding war between Netflix and Paramount. “So let’s get down to business, shall we?” Glaser joked at yesterday’s ceremony. “We’ll start the bidding for Warner Bros at $5, do I hear $5?” She also poked fun at Paramount’s newly acquired CBS, which was broadcasting the awards. “The award for most editing goes to CBS News,” she quipped. “Yes, CBS News: America’s newest place to see BS news.”

    What next?
    The Actor Awards (formerly the SAG Awards) are March 1, the Writers Guild Awards will be held a week later and the Oscars are March 15.

     
     

    It’s not all bad

    Two futuristic transportation ideas unveiled at last week’s CES tech show in Las Vegas promise to make getting around faster — and more adventurous. French startup Aemotion showcased an ultra-slim electric microcar that tilts like a motorbike, protects riders from the weather and, with a top speed of 71 mph, could save commuters hundreds of hours in traffic. LEO Flight introduced the electric LEO JetBike, which flies 15 feet off the ground and does not require a license to operate.

     
     
    Under the radar

    Zimbabwe’s driving crisis

    The main concern for Zimbabwe’s driving instructors is not teaching the highway code to their students. It’s ensuring they “survive some of the world’s deadliest roads,” said The Associated Press.

    In 2024, the country recorded more than 2,000 deaths from road traffic accidents and more than 10,000 injuries, according to the Traffic Safety Council of Zimbabwe. African roads have the “world’s highest fatality rate at 26.6 deaths per 100,000 people, compared with a global average of about 18,” said the AP. And Zimbabwe has one of the highest rates on the continent, with nearly 30 deaths per 100,000 people.

    Drivers in Zimbabwe are used to a “pothole-riddled reality,” Tendai Ruben Mbofana said in The Zimbabwean. In some places, “years of underfunding, corruption” and “weak maintenance cultures” have left roads “resembling post-conflict zones.”

    Zimbabwe was once known for “orderly traffic and well-kept roads,” but its network has “deteriorated since the 2000s,” said the AP. A series of economic crises has taken its toll on road infrastructure, while “weakened” law enforcement has led to “traffic chaos.”

    Transport minister Felix Mhona told the country’s Senate that over 90% of road accidents are attributable to human error, said The Herald. To promote road safety, Zimbabwe’s police have begun using body cameras and breathalyzers, and they want to improve driver training programs,  raise public awareness of reckless driving and beef up traffic enforcement.

    New road safety policies have been introduced, but their enforcement is “strikingly inadequate,” said the AP. Inconsistent action by the authorities has led to drivers and passengers feeling “empowered to flout safety rules without fear of consequence.”

     
     
    On this day

    January 12, 1971

    The sitcom “All in the Family” debuted on CBS. The show was one of the first on television to tackle controversial topics, with plotlines focusing on real-world issues. “All in the Family” ran for eight years. Its ensemble cast included the recently deceased Rob Reiner.

     
     
    TODAY’S newspaperS

    ‘Tehran warns Trump’

    “Trump’s moves turning up dial on a warming planet,” The New York Times says. “Trump’s Venezuela oil grab worries OPEC,” says The Wall Street Journal. “Rhetoric ramps up around Iran, Cuba,” The Atlanta Journal-Constitution says. “Hundreds feared killed as protests intensify in Iran,” The Washington Post says. “Tehran warns Trump against strikes,” the Los Angeles Times says. “X limits don’t stop sexualized deepfakes,” says USA Today. “Allegiant to buy Sun Country,” The Minnesota Star Tribune says. Guitarist Bob Weir, the cofounder and “key force in the Grateful Dead” for 60 years, “defined San Francisco rock,” says the San Francisco Chronicle following his death at age 78. 

    ► See the newspaper front pages

     
     
    Tall tale

    Herd impunity

    Dozens of sheep broke away from their herd and stormed a supermarket in Burgsinn, Germany, spending about 20 minutes knocking over boxes and bottles. Shepherd Dieter Michler said one of the sheep probably trailed a shopper into the Penny store because he thought they had food in their bag, and about 50 other sheep followed. Customers quickly tried to get out of the way, with one man climbing onto a checkout stand’s conveyor belt, said the Times of London.

     
     

    Morning Report was written and edited by Will Barker, Nadia Croes, Catherine Garcia, Scott Hocker, Anya Jaremko-Greenwold, Justin Klawans, Rafi Schwartz, Peter Weber and Kari Wilkin, with illustrations by Stephen Kelly and Julia Wytrazek.

    Image credits, from top: Chip Somodevilla / Getty Images; MAHSA / Middle East Images / AFP via Getty Images; Kevork Djansezian / CBS via Getty Images; Illustration by Julia Wytrazek / Getty Images
     

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