Podcast Summary: Apple News Today

Episode: Why the Fed’s future rests on this Supreme Court case

Date: January 21, 2026
Host: Shemitah Basu

Episode Overview

This episode delves into the high-stakes Supreme Court case involving the attempted firing of Federal Reserve Governor Lisa Cook and its implications for Fed Chair Jerome Powell’s future and the broader independence of the Federal Reserve. Other featured segments cover the landmark Uvalde police trial, shifting trends in the American job market favoring older workers, and notable moments from the Davos summit, including international reactions to President Trump.

Key Discussion Points & Insights

1. Supreme Court Case: Fed Independence on the Line

[00:05–03:50]

• Background:
  Governor Lisa Cook challenges President Trump’s attempt to fire her; per the Federal Reserve Act, Fed governors are intended to be insulated from political pressure, only removable “for cause.”
• Expert Perspective:
  Chris Rugaber (AP economics writer) explains this insulation is essential for allowing the Fed to enact unpopular, necessary policies, such as raising interest rates to combat inflation, which “most elected officials don’t want to do.”
• Accusations:
  The Trump administration claims Cook engaged in mortgage fraud; Cook vigorously denies the charges, stating she wasn’t afforded due process.
• Precedent:
  Rugaber underscores the historic nature of the move:

  “This is an unprecedented move by President Trump to remove a Fed governor. It’s not happened in the Fed’s 112 year history.” — Chris Rugaber [01:47]

• Implications for Powell:
  If the court sides against Cook, it may open the pathway for Trump to attempt removing Powell as chair; Powell also faces threats of a criminal indictment related to Fed building renovations.
• Potential Ripple Effects:
  Removal “for cause” may be invoked more broadly, potentially reshaping the Fed’s relationship with the White House.
• Controversy Over Powell’s Attendance:
  Treasury Secretary Scott Besant criticizes Powell for attending the Supreme Court hearing, suggesting it risks politicizing the Fed:

  “If you’re trying not to politicize the Fed, for the Fed chair to be sitting there trying to put his thumb on the scale is a real mistake.” — Scott Besant (via Chris Rugaber) [02:55]

• Powell’s Position:
  Powell intends the Fed to act as a neutral party: “The Fed will not get involved in commenting and will abide by whatever the court decides.”
• Future for Powell:
  Even if his chair term ends in May, Powell’s governor seat runs until January 2028, presenting a possible strategy to maintain influence regardless of administration changes.
• Decision Timeline:
  Supreme Court ruling on the Cook case expected by summer 2026.

2. The Uvalde Police Officer Trial

[03:50–08:17]

• Case Background:
  Adrian Gonzalez, one of the first officers at Robb Elementary during the 2022 Uvalde shooting, is on trial for alleged child abandonment and endangerment.
• Primary Legal Question:

  “The central question is whether a police officer has an affirmative duty to protect the public. Are they required to act? … It hasn’t been tested very much and there really aren’t many cases like this.” — Elizabeth Findell (Wall Street Journal) [05:03]

• Details of the Indictment:
  Gonzalez allegedly failed to respond aggressively despite witness alerts and auditory cues of gunfire, not following active shooter training.
• Prosecution’s Argument:

  “When a child is in danger and calls 911, we have the right.” — Special prosecutor, Bill Turner [05:40] The expectation is that officers should “run towards the gunshot … and neutralize [the threat].” — Findell [05:48]

• Defense Position:
  Gonzalez’s team asserts he did respond:

  “The government wants to make it seem like he just sat there…he did what he could with what he knew at the time.” — Defense argument via Manuel Rizzo [06:17]

• Victims’ Families:
  Manuel Rizzo, whose nephew was killed, expresses hope for accountability:

  “We want them to highlight every single opportunity Adrian had to protect the children and teachers and the survivors.” — Manuel Rizzo [06:39]

• Systemic Failure Spotlight:
  While Gonzalez faces charges, the trial raises questions about focusing blame on individuals versus widespread institutional failure:

  “The response … was a complete failure at pretty much every level involving numerous agencies. So a lot of people have asked why this guy out of 370 officers?” — Elizabeth Findell [07:50]

• Precedent:
  The only similar case was the Parkland officer’s trial—ending in acquittal.

3. The Greying of the American Workforce

[08:17–11:40]

• Labor Market Shifts:
  Average age of new hires rose to 42 in 2025, reflecting new preferences for older, experienced workers, and challenging prospects for young job-seekers.
• Entry-Level Expectations Rising:

  “Entry level roles are kind of starting to look a lot more like management than they used to.” — Taylor Telford (Washington Post) [08:47]

• Gen Z’s Struggles:
  Existing employees are staying longer, often into their 60s and 70s, and employers are favoring resumes with more extensive experience, partly due to expectations that AI will reshape job functions.
• Barrier for College Graduates:
  The percentage of workers aged 25 and younger continues to drop. Example:
  • Menasha Thomas, 23, spent 14 months applying for jobs (post–Barnard College), landing only a paid internship despite upskilling.
• Older Workers’ Motivations:

  “There’s also the aspect of huge financial pressure that is definitely keeping retirement maybe more out of reach for a lot of people…some of them are actually even unretiring.” — Taylor Telford [10:59]

4. Davos 2026: Cold Shoulders and Sharp Words

[11:40–13:10]

• Diplomacy in the Spotlight:
  The Davos summit theme is “a spirit of dialogue,” yet competitive and sometimes adversarial rhetoric dominated.
• Macron’s Critique:

  “We’re entering a world without rules as cooperation gives way to relentless competition … [from] the United States of America through trade agreements that undermine our export interests.” — President Emmanuel Macron [12:09]

• Canada’s Prime Minister Weighs In:

  “The middle powers must act together because if we’re not at the table, we’re on the menu.” — Mark Carney (inferred from context, via Chris Rugaber) [12:36]

• Gavin Newsom’s Rebuke:

  “I can’t take this complicity, people rolling over… I should have brought a bunch of knee pads for all the world leaders … they are being given away. I mean, it’s just pathetic. And I hope people understand how pathetic they look on the world stage.” — Gavin Newsom [12:48]

• Other News:
  Vice President J.D. Vance and wife Usha announce their fourth child will make history as the first born to a sitting vice president. The so-called “Trump account” program will provide $1,000 from the government for all newborns (2025–2028).

Notable Quotes & Memorable Moments

• On Fed Independence:
  “The idea behind the Fed is that it has some insulation, not complete insulation, but some insulation from political pressure.” — Chris Rugaber [01:09]
• On Law Enforcement Responsibility:
  “Are they required to act? … It hasn’t been tested very much and there really aren’t many cases like this.” — Elizabeth Findell [05:03]
• On Today’s Hiring Reality:
  “What is happening is that entry level roles are kind of starting to look a lot more like management than they used to.” — Taylor Telford [08:47]
• On Retirement Postponed:
  “There’s also the aspect of huge financial pressure that is definitely keeping retirement maybe more out of reach for a lot of people than they might have thought.” — Taylor Telford [10:59]
• Davos Barbs:
  “If we’re not at the table, we’re on the menu.” — Mark Carney [12:36]
  “I should have brought a bunch of knee pads for all the world leaders…this is pathetic.” — Gavin Newsom [12:48]

Timestamps for Key Segments

• Supreme Court and Fed: 00:05–03:50
• Uvalde Officer Trial: 03:50–08:17
• Labor Market Shifts: 08:17–11:40
• Davos Summit Reactions: 11:40–13:10

This episode offers a panoramic view of institutional power struggles, the evolving definition of public duty and accountability, demographic trends re-shaping work in America, and glimpses of political theater on the global stage—providing listeners a concise yet nuanced understanding of the stories shaping our world today.