Podcast Summary: Apple News Today

Episode: What the Fed’s latest decision reveals about the U.S. economy
Host: Shumita Basu
Date: January 29, 2026

Episode Overview

This episode of Apple News Today centers on the Federal Reserve’s latest decision to hold interest rates steady amidst political pressure, what it signals about the U.S. economy, and outgoing Chair Jerome Powell’s reflections on America’s financial and political landscape. The episode further covers U.S. foreign policy maneuvers in Venezuela, ongoing consequences of the January 6th Capitol attack, and a surprising surge in demand for beans.

Key Discussion Points and Insights

1. The Federal Reserve’s January 2026 Decision

• Fed Holds Interest Rates Steady
  • The central bank voted 10-2 to maintain interest rates at 3.5–3.75%.
  • Economic indicators show stability: steady expansion, low but stabilized unemployment, persistent inflation (slightly above the 2% target).
  • Host Shumita Basu underscores that Wall Street wasn’t surprised:

    “The decision matched Wall Street's expectations, and among the Fed's voting members, there was less division than previous decisions.” [02:01]

• Powell’s Perspective on Inflation and Tariffs
  • Powell points to tariffs as the source of price increases rather than excess demand, seeing them as a one-time price bump:

    “Most of the overrun in goods prices is from tariffs … if it weren’t from tariffs, it might mean it's from demand. … That’s a harder problem to solve.” — Jerome Powell [01:43-01:54]

• Heightened Political Pressure and Powell’s Advice to Successor
  • Powell faced DOJ investigations and political threats but remained focused on monetary policy.
  • He urges his successor to keep the Fed independent:

    “Stay out of elected politics. Don’t get pulled into elected politics. Don’t do it.” — Jerome Powell [04:16]

2. Shifting Global Economic Landscape

• Dollar Weakness and Geopolitics
  • The dollar hits a four-year low amid global jitters, Trump's saber-rattling over Greenland, and growing investor movement into gold.
  • Trump claims, “the dollar was doing great,” leading to speculation about deliberate “weak dollar” policy.
  • Senator Chris Coons warns:

    “When you have that much debt, I think stability of the currency probably trumps exports.” [03:39]

3. U.S. Military Intervention and Congressional Oversight in Venezuela

• Operation Against Maduro
  • Senate Foreign Relations Committee holds its first public hearing on the operation to oust Venezuelan President Maduro.
  • Lawmakers from both parties question the executive branch’s lack of consultation with Congress.
• Rubio Justifies Actions
  • Senator Marco Rubio positions the operation as a law enforcement action, not an act of war:

    “It's hard for us to conceive that an operation … was a law enforcement operation to capture someone we don’t recognize as the head of state …” — Senator Marco Rubio [07:15]

• Skepticism and Critique
  • Senator Rand Paul remains unconvinced:

    “Would it be an act of war if someone did it to us? Nobody dies, few casualties. … Of course it would be an act of war.” — Senator Rand Paul [07:42]

  • Senator Chris Coons emphasizes the need for Congressional consultation:

    “Consulting with Congress is not just some high minded principle … it’s a got to have.” — Senator Chris Coons [08:11]

4. January 6 Pardon Fallout

• Request for Restitution Refunds
  • Some pardoned January 6 rioters are suing for the return of fines and restitution.
  • Beth Reinhard (Washington Post):

    “Some of them began filing motions to get financial penalties … back. … Others are filing lawsuits in which they’re seeking millions of dollars.” [09:37]

  • Precedent cited from a 2017 Supreme Court ruling by Ruth Bader Ginsburg.

    “You have these January 6th defendants … relying … on a ruling this liberal icon wrote before her death.” — J. O'Brien [10:39]

  • Two judges have approved such returns, five have not—with those denials being appealed.
• Legislative Pushback
  • Democratic senators propose legislation to stop these payouts, supported by law enforcement.

    “Taxpayers are going to be more and more on the hook for paying for what happened on January 6th.” — Beth Reinhard [11:29]

5. News Briefs

• Border Agents and ICE Officers on Leave
  • Updates on Minneapolis shooting investigations and Georgia election office raids tied to Trump's 2020 election claims.
• Bean Club Phenomenon
  • Surge in demand for Rancho Gordo beans: 30,000 on waitlist, response to health trends and economic uncertainty.

    “It’s one of those stories about being in the right place at the right time, where the health discourse and the current economic picture meet.” — Shemitah Basu [12:41]

Notable Quotes & Memorable Moments

• Powell on Tariffs and Demand:
  “Most of the overrun in goods prices is from tariffs and that's actually good news because if it weren't from tariffs, it might mean it's from demand. … That's a harder problem to solve.” — Jerome Powell [01:43]

• Independence of the Fed:
  “Stay out of elected politics. Don't get pulled into elected politics. Don't do it.” — Jerome Powell [04:16]

• Congressional Ire Over Venezuela Operation:
  “If a foreign country bombed our air defense missiles, captured and removed our president and blockaded our country, would that be considered an act of war?” — Senator Rand Paul [07:05]

• On January 6 Restitution Refuge:
  “Taxpayers are going to be more and more on the hook for paying for what happened on January 6th. And the folks who wrecked the Capitol … their burden is decreasing.” — Beth Reinhard [11:29]

Timestamps for Major Segments

• Fed Decision & Outlook: 00:05–02:53
• Global Dollar Concerns: 02:53–03:54
• Powell’s Tenure & Advice: 03:54–04:31
• Venezuela Congressional Hearing: 04:31–08:23
• January 6 Restitution Fights: 08:23–11:43
• News in Brief (Minneapolis, Georgia, Beans): 11:43–end

Episode Tone

Shumita Basu’s delivery is measured, clear, and factual, with a calm tone that respects the gravity of the topics, often emphasizing the “extraordinary times” of American politics and economics.

This summary should provide a comprehensive overview for listeners seeking a detailed yet accessible guide to the episode’s main themes and discussions.