Below is the full transcript from Powell's video statement released on January 11. This SHOULD dominate the Q&A of the Fed meeting. Although I think it will probably not. It is an extraordinary charge that the Chairman of the Federal Reserve is accusing the President of using the Justice Department try to influence his decisions about monetary policy. It takes precedence over the typical questions about the state of the economy and economic indicators. Powell has not spoken publicly since this video. Asking him to explain it more is entirely appropriate, and I would argue, more important than his outlook for the economy. Qs What evidence does he have that the President is directing this (Trump said he was not)? How does he know it is really about influencing monetary policy and not the stated intention of investigating potential improprieties in the Fed building reconstruction (remember it is a huge price tag of $3 billion) What actions is he taking to ensure it will not impact monetary policy decisions? Has he discussed it with the rest of the FOMC or senior staff? What is their belief on this subject ... including the so-called "Trump appointees" of Miran, Waller and Bowman? If not, why not? It impacts them too. Given this charge, the question becomes whether he plans to stay on as a Fed Governor after May. To date, he has not answered this question. If he does not answer it now, does that affect the Fed's independence, given that he made these charges against the President, and could potentially remain at the Fed until 2028? If he dismisses or refuses to answer these questions, why does he think it is appropriate to make such a charge against the President in a video statement and not allow the press to follow up with pertinent questions? He should also be asked why he attended the Supreme Court oral arguments last week regarding the case to remove Fed Governor Lisa Cook. Is he acting partisan by doing so? And if so, does this threaten the Federal Reserve's independence? What signal was he trying to send ... and to who? --- Full transcript: Good evening. On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings. I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. 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. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation. I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.(Jim Bianco)