On Sunday night, Federal Reserve Chair Jerome Powell announced that the US Department of Justice had served the Fed with grand jury subpoenas threatening a criminal indictment over a costly renovation of the central bank’s building.

It was a watershed moment in the escalating tension between the Trump administration and the US central bank.

On today’s Big Take podcast, host David Gura sits down with Fed reporters Amara Omeokwe and Enda Curran to discuss what this means for one of the most important financial institutions in the world, for Powell, for the White House — and where things could go from here.

Read more:

Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Amara Omeokwe and Enda Curran; Edited by Naomi Shavin.

Fact-checking by David Fox and Julia Press; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

See omnystudio.com/listener for privacy information.

What the DOJ Subpoenas Mean for the Fed

Big Take