Colby Smith
@colbylsmith.bsky.social
@nytimes correspondent writing about the Federal Reserve and the US economy. Previously @FT, @TheEconomist, @BloombergTV. colby.smith@nytimes.com
NEW: For a judicial body often fraught with division over Trump’s claims to executive power, the Supreme Court on Wednesday found moments of unity in questioning the economic costs of the president’s efforts to meddle with the Fed
www.nytimes.com/2026/01/21/u... @nytimes.com @tonyromm.bsky.social
www.nytimes.com/2026/01/21/u... @nytimes.com @tonyromm.bsky.social
Supreme Court Hearing Reveals Unease Over Threats to Fed Independence
www.nytimes.com
January 21, 2026 at 11:23 PM
NEW: For a judicial body often fraught with division over Trump’s claims to executive power, the Supreme Court on Wednesday found moments of unity in questioning the economic costs of the president’s efforts to meddle with the Fed
www.nytimes.com/2026/01/21/u... @nytimes.com @tonyromm.bsky.social
www.nytimes.com/2026/01/21/u... @nytimes.com @tonyromm.bsky.social
After two hours of lively arguments, the Supreme Court seemed likely to rule narrowly and provisionally in favor of Lisa Cook, the Fed governor whom Trump has sought to fire based on an accusation of mortgage fraud
Takeaways w/ @adamliptak.bsky.social www.nytimes.com/2026/01/21/u... @nytimes.com
Takeaways w/ @adamliptak.bsky.social www.nytimes.com/2026/01/21/u... @nytimes.com
4 Takeaways from Supreme Court Hearing on Trump’s Firing of Fed Official
www.nytimes.com
January 21, 2026 at 8:44 PM
After two hours of lively arguments, the Supreme Court seemed likely to rule narrowly and provisionally in favor of Lisa Cook, the Fed governor whom Trump has sought to fire based on an accusation of mortgage fraud
Takeaways w/ @adamliptak.bsky.social www.nytimes.com/2026/01/21/u... @nytimes.com
Takeaways w/ @adamliptak.bsky.social www.nytimes.com/2026/01/21/u... @nytimes.com
The big question now confronting Powell is whether he should stay on as a governor after his term as chair ends in May.
"If he thinks that his resignation as governor will endanger the institution and its independence, he’d be tempted to stay on," says fmr Fed vice chair Don Kohn
"If he thinks that his resignation as governor will endanger the institution and its independence, he’d be tempted to stay on," says fmr Fed vice chair Don Kohn
NEW: Powell had a list of lawmakers who he thought would have his back after finally taking on Trump
His belief that he would find a groundswell of support was not an idle thought, but the product of years of relationship-building on Capitol Hill.
www.nytimes.com/2026/01/16/u... @nytimes.com
His belief that he would find a groundswell of support was not an idle thought, but the product of years of relationship-building on Capitol Hill.
www.nytimes.com/2026/01/16/u... @nytimes.com
Powell, an Unlikely Foil, Takes on Trump
www.nytimes.com
January 16, 2026 at 6:49 PM
The big question now confronting Powell is whether he should stay on as a governor after his term as chair ends in May.
"If he thinks that his resignation as governor will endanger the institution and its independence, he’d be tempted to stay on," says fmr Fed vice chair Don Kohn
"If he thinks that his resignation as governor will endanger the institution and its independence, he’d be tempted to stay on," says fmr Fed vice chair Don Kohn
NEW: Powell had a list of lawmakers who he thought would have his back after finally taking on Trump
His belief that he would find a groundswell of support was not an idle thought, but the product of years of relationship-building on Capitol Hill.
www.nytimes.com/2026/01/16/u... @nytimes.com
His belief that he would find a groundswell of support was not an idle thought, but the product of years of relationship-building on Capitol Hill.
www.nytimes.com/2026/01/16/u... @nytimes.com
Powell, an Unlikely Foil, Takes on Trump
www.nytimes.com
January 16, 2026 at 5:33 PM
NEW: Powell had a list of lawmakers who he thought would have his back after finally taking on Trump
His belief that he would find a groundswell of support was not an idle thought, but the product of years of relationship-building on Capitol Hill.
www.nytimes.com/2026/01/16/u... @nytimes.com
His belief that he would find a groundswell of support was not an idle thought, but the product of years of relationship-building on Capitol Hill.
www.nytimes.com/2026/01/16/u... @nytimes.com
At a healthcare event on Friday, Trump points out Hassett (a frontrunner to replace Powell as chair) and praises his work on TV, saying: "I actually want to keep you where you are, if you want to know the truth...I would lose you. It's a serious concern to me"
January 16, 2026 at 3:32 PM
At a healthcare event on Friday, Trump points out Hassett (a frontrunner to replace Powell as chair) and praises his work on TV, saying: "I actually want to keep you where you are, if you want to know the truth...I would lose you. It's a serious concern to me"
Kashkari is a voting member on this year's FOMC. He does not see "any impetus to cut in January," reinforcing expectations that the central bank will hold rates steady when they meet at the end of the month
“The escalation over the course of the past year is really about monetary policy,” Minneapolis Fed president Kashkari tells
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
A Top Fed Official Says the Trump Administration’s Threats Are ‘About Monetary Policy’
www.nytimes.com
January 14, 2026 at 4:34 PM
Kashkari is a voting member on this year's FOMC. He does not see "any impetus to cut in January," reinforcing expectations that the central bank will hold rates steady when they meet at the end of the month
“The escalation over the course of the past year is really about monetary policy,” Minneapolis Fed president Kashkari tells
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
A Top Fed Official Says the Trump Administration’s Threats Are ‘About Monetary Policy’
www.nytimes.com
January 14, 2026 at 2:50 PM
“The escalation over the course of the past year is really about monetary policy,” Minneapolis Fed president Kashkari tells
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
"The drama is all Powell," Jeanine Pirro tells @nytimes.com
"If Mr. Powell had responded to our emails this could have been handled very easily" www.nytimes.com/2026/01/13/u...
"If Mr. Powell had responded to our emails this could have been handled very easily" www.nytimes.com/2026/01/13/u...
Blowback Builds Over Criminal Investigation of Powell
www.nytimes.com
January 13, 2026 at 9:47 PM
"The drama is all Powell," Jeanine Pirro tells @nytimes.com
"If Mr. Powell had responded to our emails this could have been handled very easily" www.nytimes.com/2026/01/13/u...
"If Mr. Powell had responded to our emails this could have been handled very easily" www.nytimes.com/2026/01/13/u...
Pirro did not discuss the Powell case with Trump or share any info with her bosses. Before the subpoenas landed, the Fed had received two emails from Carlton Davis, special counsel, on Dec 19 and Dec 29. Neither mentioned the threat of a criminal investigation nor a deadline for a response
NEW: The federal investigation into Fed chair Powell has sparked intense blowback, threatening to undermine Trump's effort to assert more dominance over the central bank
www.nytimes.com/2026/01/13/u... @nytimes.com
www.nytimes.com/2026/01/13/u... @nytimes.com
Blowback Builds Over Criminal Investigation of Powell
www.nytimes.com
January 13, 2026 at 9:01 PM
Pirro did not discuss the Powell case with Trump or share any info with her bosses. Before the subpoenas landed, the Fed had received two emails from Carlton Davis, special counsel, on Dec 19 and Dec 29. Neither mentioned the threat of a criminal investigation nor a deadline for a response
NEW: The federal investigation into Fed chair Powell has sparked intense blowback, threatening to undermine Trump's effort to assert more dominance over the central bank
www.nytimes.com/2026/01/13/u... @nytimes.com
www.nytimes.com/2026/01/13/u... @nytimes.com
Blowback Builds Over Criminal Investigation of Powell
www.nytimes.com
January 13, 2026 at 9:00 PM
NEW: The federal investigation into Fed chair Powell has sparked intense blowback, threatening to undermine Trump's effort to assert more dominance over the central bank
www.nytimes.com/2026/01/13/u... @nytimes.com
www.nytimes.com/2026/01/13/u... @nytimes.com
Williams tells reporters after his event that he did not think there was "strong pressure one way or another to do anything" in terms of monetary policy actions and that he would be approaching rate decisions "business as usual" www.nytimes.com/2026/01/12/b...
Top Fed Official Conveys Little Urgency for Immediate Rate Cuts
www.nytimes.com
January 13, 2026 at 12:56 AM
Williams tells reporters after his event that he did not think there was "strong pressure one way or another to do anything" in terms of monetary policy actions and that he would be approaching rate decisions "business as usual" www.nytimes.com/2026/01/12/b...
Williams defends Powell in a Q&A after his speech on Monday. Said the Fed chair is "completely dedicated" to the institution and is a man of "impeccable integrity."
He also warned about the costs of the Fed's independence being jeopardized, leading to "unfortunate outcomes"
He also warned about the costs of the Fed's independence being jeopardized, leading to "unfortunate outcomes"
January 12, 2026 at 11:15 PM
Williams defends Powell in a Q&A after his speech on Monday. Said the Fed chair is "completely dedicated" to the institution and is a man of "impeccable integrity."
He also warned about the costs of the Fed's independence being jeopardized, leading to "unfortunate outcomes"
He also warned about the costs of the Fed's independence being jeopardized, leading to "unfortunate outcomes"
In a speech on Monday, John Williams of @newyorkfed.bsky.social conveys little urgency for immediate rate cuts, reinforcing expectations that the central bank will hold rates steady at the end of month despite the likely pushback from Trump
January 12, 2026 at 11:09 PM
In a speech on Monday, John Williams of @newyorkfed.bsky.social conveys little urgency for immediate rate cuts, reinforcing expectations that the central bank will hold rates steady at the end of month despite the likely pushback from Trump
Our explainer on what's behind the Justice Dept's investigation into Fed chair Powell and how far the administration could push it
www.nytimes.com/2026/01/12/u... @nytimes.com
www.nytimes.com/2026/01/12/u... @nytimes.com
What to Know About the Criminal Investigation of the Fed Chair
www.nytimes.com
January 12, 2026 at 8:47 PM
Our explainer on what's behind the Justice Dept's investigation into Fed chair Powell and how far the administration could push it
www.nytimes.com/2026/01/12/u... @nytimes.com
www.nytimes.com/2026/01/12/u... @nytimes.com
Janet Yellen tells @nytimes.com that the investigation against Powell is the most significant attack ever on Fed independence.
"If you can bring charges for no reason whatsoever against your enemies, we're no longer living in a society governed by the rule of law."
www.nytimes.com/2026/01/12/b...
"If you can bring charges for no reason whatsoever against your enemies, we're no longer living in a society governed by the rule of law."
www.nytimes.com/2026/01/12/b...
Fed Changes Course and Takes On Trump’s Political Fight
www.nytimes.com
January 12, 2026 at 4:30 PM
Janet Yellen tells @nytimes.com that the investigation against Powell is the most significant attack ever on Fed independence.
"If you can bring charges for no reason whatsoever against your enemies, we're no longer living in a society governed by the rule of law."
www.nytimes.com/2026/01/12/b...
"If you can bring charges for no reason whatsoever against your enemies, we're no longer living in a society governed by the rule of law."
www.nytimes.com/2026/01/12/b...
Reposted by Colby Smith
".. He didn’t mince words,” said Kenneth Rogoff .. “He’s tended to turn the other cheek, and he’s reached a moment where he can’t.”
@nytimes.com @colbylsmith.bsky.social
www.nytimes.com/2026/01/12/b...
@nytimes.com @colbylsmith.bsky.social
www.nytimes.com/2026/01/12/b...
Fed Changes Course and Takes On Trump’s Political Fight
www.nytimes.com
January 12, 2026 at 4:21 PM
".. He didn’t mince words,” said Kenneth Rogoff .. “He’s tended to turn the other cheek, and he’s reached a moment where he can’t.”
@nytimes.com @colbylsmith.bsky.social
www.nytimes.com/2026/01/12/b...
@nytimes.com @colbylsmith.bsky.social
www.nytimes.com/2026/01/12/b...
NEW: Powell's decision to respond by video to the criminal investigation reflected the explosive nature of the DOJ's move. He worked through the weekend with advisers, culminating in him accusing the admin of trying to coerce the Fed into cutting rates
www.nytimes.com/2026/01/12/b... @nytimes.com
www.nytimes.com/2026/01/12/b... @nytimes.com
Fed Changes Course and Takes On Trump’s Political Fight
www.nytimes.com
January 12, 2026 at 3:46 PM
NEW: Powell's decision to respond by video to the criminal investigation reflected the explosive nature of the DOJ's move. He worked through the weekend with advisers, culminating in him accusing the admin of trying to coerce the Fed into cutting rates
www.nytimes.com/2026/01/12/b... @nytimes.com
www.nytimes.com/2026/01/12/b... @nytimes.com
Former Fed chairs and Treasury secretaries put out a statement on Monday defending Powell after the Justice Department opened up a criminal investigation of the chair, likening the move to what happens in emerging markets jointstatement.substack.com/p/statement-...
January 12, 2026 at 3:22 PM
Former Fed chairs and Treasury secretaries put out a statement on Monday defending Powell after the Justice Department opened up a criminal investigation of the chair, likening the move to what happens in emerging markets jointstatement.substack.com/p/statement-...
Reposted by Colby Smith
Another Trump political adversary, another criminal investigation. Jay Powell, who angered Trump by defying pressure over interest rates, now faces prosecution by Trump's handpicked prosecutor. @glennthrush.bsky.social @colbylsmith.bsky.social www.nytimes.com/2026/01/11/u...
Federal Prosecutors Open Investigation Into Fed Chair Powell
www.nytimes.com
January 12, 2026 at 2:41 AM
Another Trump political adversary, another criminal investigation. Jay Powell, who angered Trump by defying pressure over interest rates, now faces prosecution by Trump's handpicked prosecutor. @glennthrush.bsky.social @colbylsmith.bsky.social www.nytimes.com/2026/01/11/u...
"I don’t know anything about it," Trump tells @NBCNews about the Justice Department's investigation into Fed chair Powell. Added that it had nothing to do with interest rates.
"I wouldn’t even think of doing it that way."
www.nbcnews.com/politics/don...
"I wouldn’t even think of doing it that way."
www.nbcnews.com/politics/don...
'I don't know anything about it': Trump denies involvement in DOJ's Fed subpoenas
In a brief interview with NBC News Sunday, Trump said he didn't know about the Justice Department subpoenaing the Federal Reserve but said chair Jerome Powell is "not very good."
www.nbcnews.com
January 12, 2026 at 2:11 AM
"I don’t know anything about it," Trump tells @NBCNews about the Justice Department's investigation into Fed chair Powell. Added that it had nothing to do with interest rates.
"I wouldn’t even think of doing it that way."
www.nbcnews.com/politics/don...
"I wouldn’t even think of doing it that way."
www.nbcnews.com/politics/don...
In a video on Sunday, Powell defends himself and questions the investigation's motives:
"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."
"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."
NEW: Federal prosecutors have opened up a criminal investigation into Fed chair Powell over the central bank’s renovation of its Washington headquarters and whether Powell lied to Congress about the scope of the project
www.nytimes.com/2026/01/11/u... @nytimes.com
www.nytimes.com/2026/01/11/u... @nytimes.com
Federal Prosecutors Are Said to Have Opened Inquiry Into Fed Chair Powell
www.nytimes.com
January 12, 2026 at 12:32 AM
In a video on Sunday, Powell defends himself and questions the investigation's motives:
"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."
"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."
NEW: Federal prosecutors have opened up a criminal investigation into Fed chair Powell over the central bank’s renovation of its Washington headquarters and whether Powell lied to Congress about the scope of the project
www.nytimes.com/2026/01/11/u... @nytimes.com
www.nytimes.com/2026/01/11/u... @nytimes.com
Federal Prosecutors Are Said to Have Opened Inquiry Into Fed Chair Powell
www.nytimes.com
January 12, 2026 at 12:09 AM
NEW: Federal prosecutors have opened up a criminal investigation into Fed chair Powell over the central bank’s renovation of its Washington headquarters and whether Powell lied to Congress about the scope of the project
www.nytimes.com/2026/01/11/u... @nytimes.com
www.nytimes.com/2026/01/11/u... @nytimes.com
The drop in the unemployment rate will help to alleviate fears at the Fed that the labor market is on the cusp of cracking, although there are clear signs in December's report that hiring has slowed.
This bolsters the central bank's stance that it can proceed carefully with rate cuts this year
This bolsters the central bank's stance that it can proceed carefully with rate cuts this year
January 9, 2026 at 1:57 PM
The drop in the unemployment rate will help to alleviate fears at the Fed that the labor market is on the cusp of cracking, although there are clear signs in December's report that hiring has slowed.
This bolsters the central bank's stance that it can proceed carefully with rate cuts this year
This bolsters the central bank's stance that it can proceed carefully with rate cuts this year
NEW: Trump tells @nytimes.com that he has made up his mind on his selection for Fed chair, but stopped short of disclosing his pick.
When asked about Hassett, he said: "I don’t want to say," but described him as "certainly one of the people that I like" www.nytimes.com/2026/01/08/u...
When asked about Hassett, he said: "I don’t want to say," but described him as "certainly one of the people that I like" www.nytimes.com/2026/01/08/u...
Trump Says He Has Made Up His Mind on His Fed Chair Pick
www.nytimes.com
January 8, 2026 at 6:00 PM
NEW: Trump tells @nytimes.com that he has made up his mind on his selection for Fed chair, but stopped short of disclosing his pick.
When asked about Hassett, he said: "I don’t want to say," but described him as "certainly one of the people that I like" www.nytimes.com/2026/01/08/u...
When asked about Hassett, he said: "I don’t want to say," but described him as "certainly one of the people that I like" www.nytimes.com/2026/01/08/u...
Fed independence faces two major tests early on in 2026.
The first stems from Trump's pick to replace Powell as chair. The second relates to Cook's case against the president over her attempted ouster. On Jan 21, SCOTUS will hear oral arguments
www.nytimes.com/2026/01/07/b... @nytimes.com
The first stems from Trump's pick to replace Powell as chair. The second relates to Cook's case against the president over her attempted ouster. On Jan 21, SCOTUS will hear oral arguments
www.nytimes.com/2026/01/07/b... @nytimes.com
January 7, 2026 at 2:06 PM
Fed independence faces two major tests early on in 2026.
The first stems from Trump's pick to replace Powell as chair. The second relates to Cook's case against the president over her attempted ouster. On Jan 21, SCOTUS will hear oral arguments
www.nytimes.com/2026/01/07/b... @nytimes.com
The first stems from Trump's pick to replace Powell as chair. The second relates to Cook's case against the president over her attempted ouster. On Jan 21, SCOTUS will hear oral arguments
www.nytimes.com/2026/01/07/b... @nytimes.com