B (2:45)

We've still got a few hours until markets open, but I'm assuming we're seeing a reaction. What are you hearing?

D (2:50)

Yeah, so far, negatively. It's not massive so far, but the dollar is definitely weaker. Gold is at a record, went up another 2%. You're seeing long term bond yields rise, which is an indication that investors are nervous about the far future. And stock futures are down. So generally it's a negative reaction. This definitely makes people worried, not just about the short term. Powell's terms up in May, I mean, what's the difference, right? But he would continue to serve on the board as a board member for another two years. So there's the possibility that gets undone. The big implication is for his successor, whether it's one of the Kevins, Kevin Hassert or Kevin Warsh, who are the top candidates to replace him. They now have to go in thinking, well, I want to be independent, but.

B (3:32)

Look what happened to the guy before me.

E (3:34)

Exactly.

B (3:35)

You're turning our attention to the distant future, which is helpful, but we do have a Fed meeting later this month and two more assuming Powell serves out his term till May 15th. I mean, how does this change the context heading into those meetings?

D (3:46)

Well, he's not fighting. They didn't say he's fired and he's not indicted. This was questions from a grand jury. Powell came out fighting, put up the statement saying he's not going anywhere. So there's no indication that this is gonna make a change for the meetings upcoming. But over all of this is that there's the Lisa Cook case, who's the other Fed member who Trump is trying to fire, whose case is going before the Supreme Court. And that's gonna set a very big precedent about how much the president can in fact exert this power to remove a Fed chair or a Fed board member.

B (4:19)

And you mentioned earlier the negative market reaction we've seen heading into trading today. That's relevant because President Trump had wavered in the past about whether to dismiss Powell before he did this in his first term and then again last spring. And then he backed off, we report, because of suggestions from his advisors it would have a negative market impact. Yeah.

D (4:38)

And I mean, so far it's very early and we'll see how the day plays out. Sometimes it takes a little while for markets to digest something like this, but, yeah, so far it's negative. Trump has set this pattern over the last year and in his second term of coming out strong about something and then backing off when markets get upset. You know, we saw that obviously with tariffs and also with some of the Fed moves. There's also gonna be a lot of probably behind the scenes establishment Republicans who are gonna say, come on, like, the guy's leaving in May anyway. Like, why are we doing this?

B (5:08)

That was Journal finance editor Alex Frangos. We go to Iran now, where over 500 people have been killed in two weeks of unrest. According to the Hen Bengal Human Rights Organization, some protesters were killed by government forces with live ammunition. And the group Human Rights Activists in Iran say a further 10,000 people have been arrested. The regime's crackdown on protesters has also gotten the attention of President Trump, who we understand is meeting with advisors tomorrow to consider possible responses. Yesterday, Iran's leadership accused rioters of acting on behalf of the US And Israel and threatened to attack American military bases in the Middle east if the US Hits first. Journal National Security reporter Alex Ward says US Intervention in Iran could include everything from sanctions to cyberweapons to a military strike or nothing at all.

F (6:02)

There is concern that if the US Were to attack Iran, it would actually undermine the protests for a couple of reasons. One, it would help the Iranian propaganda that the US Is actually behind these protests and that they aren't organic and Israel potentially, too. And then there's the other side of this, which is if the US does attack but it doesn't actually have any meaningful effect, then will the protesters be demoralized?

B (6:24)

Alex says that even though Trump has been emboldened by recent military successes, including the removal of Venezuelan President Nicolas Maduro, it isn't enough to suggest an imminent strike on Iran.

F (6:36)

Trump feels that the US Military is just on a hot streak effectively, and he's feeling pretty good. And so in his mind, new military options have a high rate of success. But there's tons of research out there and tons of real world experience. It shows just because you airstrike something doesn't mean you solve the problem. And so the sort of main strategic question Trump has to ask is, if the US Were to bomb Iran, does that lead to a better future for Iran?

B (7:00)

Coming up, DHS sends hundreds of additional officers to Minnesota. And President Trump weighs in on which oil companies could get a chance to do business in Venezuela and who might be left on the outside looking in those stories and more after the break.

G (7:19)

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B (7:51)

In Minnesota, a federal immigration crackdown is continuing this morning in the Twin Cities as part of what the Department of Homeland Security has described as its largest ever immigration enforcement operation. More than 2,000 federal border and immigration agents are taking part. While officers and police continue to clash with protesters, the Trump administration is facing questions about why officials were so quick to defend the actions of an ICE agent who shot and killed Renee Nicole Good in Minneapolis last week before an investigation plays out. Speaking to CNN's Jake Tapper yesterday, Homeland Security Secretary Kristi Noem called Good a domestic terrorist for obstructing agents.

A (8:31)

The question is, what was she doing when she was moving her car?

H (8:35)

The question is, that's the question is we is why are we arguing with a president who's working to keep people safe? Why are we arguing with law enforcement operations that have gone on in this country for years? And we're working to collect murderers and rapists and drug traffickers and fraudsters off the streets of Minnesota, and we don't have local law enforcement and local elected officials that are partnering with us to help do that work. Overwhelmingly, the people in this country said they wanted America to be safe again, that they didn't want dangerous criminals on our streets. I would encourage the elected leaders in that city and in that state to work with us so that we can do our operations without the kind of opposition and people that are conducting and perpetuating the kind of violent rhetoric that we're seeing today.

B (9:19)

On NBC's Meet the Press, Minneapolis Mayor Jacob Fry once again called for state authorities to be involved in the investigation into Good's death, which is currently being overseen by the FBI.

E (9:30)

We need to be doing this right now. We need to be doing this transparently. And what I was pushing back on from the very beginning was a narrative that had jumped to that conclusion right from the get go. And when you've got a federal administration that is so quick to jump on a narrative as opposed to the truth, I think we all need to be speaking out.

B (9:49)

A Homeland Security spokesperson said that more than 2,000 immigration arrests have been made in Minnesota since the enforcement operation began at the beginning of December. Foreign. Has said he might block ExxonMobil from drilling in Venezuela. That's after the president met with oil executives at the White House on Friday where Exxon Chief Executive Darren woods said that Venezuela is currently, quote, uninvestable.

C (10:18)

Probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute.

B (10:24)

That was Trump there. Speaking to reporters on Air Force One last night, Wood said significant changes to Venezuela's commercial frameworks, legal system and hydrocarbon laws were needed, but also expressed confidence that the Trump administration and Venezuelan government would work together to put those changes in place. The president has been pushing American energy companies to invest in Venezuela, saying the US Would provide security guarantees. We are exclusively reporting that House Republicans are backing a stock trading crackdown that would prohibit members of Congress from buying individual stocks. The draft bill set to be introduced today would address concerns about lawmakers potentially profiting from insider trading. Under the plan, lawmakers would still be allowed to buy and sell diversified investment funds and wouldn't be required to sell any stocks they already own, but they would have to file a public notice ahead of selling an individual stock. The proposal would also boost penalties if lawmakers fail to follow the guidelines. And shares of America's leading banks are trending lower today after President Trump on Friday called for a 10% cap on credit card interest rates. Credit card rates average around 23%, according to the Federal Reserve. Borrowers in lower and middle income households would benefit the most from a 10% cap, but experts say they'd also be the first ones that banks would stop lending to. The American Bankers association and other industry groups said that Trump's proposal would hurt families and small business owners by driving them toward less regulated alternatives. And that's it for what's news for this Monday morning. Today's show was produced by Hattie Moyer and Daniel Bock. Our supervising producer was Sandra Kilhoff. And I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.