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with Indeed. Hey, everybody. It's me, Sam Stein, managing editor to Bullock.

I'm joined by Catherine Rampel and JVL for a fresh, what the hell is this newscast on Sunday night.

Feels like we can't go a weekend without something dramatic dropping.

In this case, we have news reports that the Justice Department is opening a criminal investigation into the Fed, the Federal Reserve, apparently, and I'm just going off of what we have from the reports, because we don't really have much else.

They're looking into testimony that Jay Powell, the chairman of the Fed gave to Congress in which the allegation is that he may have lied about the renovation costs for the renovated Fed headquarters.

Powell put out a remarkable video, uncomfortable but remarkable.

We're going to play it in one second, but quick reactions to the news before we play it.

Catherine, I'm going to go with you first because you write and live in this world, write about and live in this world, and you've talked to Jay Powell.

Just how significant is this?

It's huge.

Look, Donald Trump has been trying to politicize the Fed for years,

including since he appointed Jay Powell himself to the chair of the Federal Reserve during his first term. And Powell is being punished,

not for whatever crime he's alleged to have been committed here, which is probably completely

made up, but for the worst crime of not doing exactly what Trump wants. Trump does not recognize

that the Federal Reserve is supposed to be

politically independent, has been politically independent for decades, and relies on political

...