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From the opinion pages of the Wall Street Journal, this is Potomac Watch.

The Trump administration sends a criminal subpoena to Federal Reserve Chairman Jerome

Powell, who says he will not back down from these threats.

What in the name of monetary policy is going on here. Plus, Iran's regime turns its guns against

protesters as it tries to remain in power, while President Trump says the U.S. might have to

intervene on behalf of the protesters. How would that take place? Welcome to Potomac Watch the Daily podcast of Wall Street Journal Opinion,

and I'm Paul Gie Go, and now I'm here today with Joe Sternberg and Elliot Kaufman.

Joe, let's start with the shocker late Sunday about the criminal subpoena from the Justice

Department to Jerome Powell. Let's listen to Chairman Powell in a highly

unusual video respond to the subpoena. 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.

...