Squawk Pod: Debating the DOJ’s criminal investigation into Jay Powell - 01/13/26 | Audio Only

Summary

The episode opens with markets mixed after recent records as Washington debates the DOJ criminal investigation into Fed Chair Jay Powell and the Republican backlash it has caused. Eamon Javers details a new Trump tariff threat against countries doing business with Iran, and Kevin McCarthy discusses Trump's concentration of power, approach to credit card rates, defense spending, and critical minerals. The show also previews CNBC's Warren Buffett special, where Buffett says cash is necessary but not a good asset, and hosts discuss his avoidance of Bitcoin and gold.

• Markets were mixed after Dow and S&P 500 records, with Fed independence headlines in focus.
• Eamon Javers reported Trump threatened 25% tariffs on countries doing business with Iran, potentially affecting China, Iraq, and the UAE.
• A DOJ criminal probe into Jay Powell has triggered rare Republican pushback and questions about Fed independence.
• Kevin McCarthy argued Trump is using disruptive tactics to reshape policy and remains politically dominant.
• McCarthy highlighted a proposed $1.5 trillion defense budget and a push for new defense-tech suppliers.
• McCarthy also discussed credit card rate pressure and critical minerals as areas where Trump is acting without Congress.
• Becky Quick previewed her Warren Buffett special, noting Berkshire's large cash pile and Buffett's view that cash is necessary but not a good asset.
• Hosts said Buffett is unlikely to invest in Bitcoin or gold, favoring cash-flow-producing assets.