On Sunday night, my colleague Nick Timrose was at home, going about his usual routine.

I had been washing the dishes and thinking I was going to be putting my kids to bed.

Always an exciting time in Washington these days.

But then, in the middle of Sunday night football, around 7.30 p.m. Eastern, a two-minute video

appeared on the Federal Reserve's X account. This was an extraordinary video.

It featured Fed Chair Jerome Powell in a gray suit in front of an American flag.

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas,

threatening a criminal indictment.

In a stunning move, Powell publicly broke the news that the Federal Reserve was under criminal investigation by the Justice

Department, something that's never happened before.

This unprecedented action should be seen in the broader context of the administration's threats

and ongoing pressure.

Powell was very direct. He said this action was a political move on the part of the Trump administration,

intended to intimidate the Fed into lowering interest rates.

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.

On Sunday night, President Trump said he didn't know anything about the subpoenas.

As you were watching the video, what was going through your mind?

You know, Powell has been very composed and measured. This is a man who chooses his words

extremely carefully. Watching that video, you couldn't help but recognize that a line had been crossed,

...