At a Glance
- President Trump claimed control of Venezuela and escalated threats to seize Greenland in under two weeks
- Federal Reserve Chair Jerome Powell disclosed a criminal investigation into the central bank
- 2,000 immigration agents flooded Minneapolis after a fatal ICE shooting
- Why it matters: Voters face midterm elections amid economic uncertainty and unprecedented federal turmoil
Two weeks into 2025, President Donald Trump has seized Venezuela’s oil, threatened NATO ally Denmark over Greenland, and launched mass immigration raids that left a Minneapolis mother dead. A criminal probe now targets the Federal Reserve itself, rattling even loyal Republicans as midterm elections approach.
Federal Reserve Probe Sparks GOP Unease
Federal Reserve Chair Jerome Powell revealed Sunday that the Justice Department subpoenaed the central bank Friday with the threat of a criminal indictment. The move centers on Powell’s testimony about the Fed’s building renovations, marking the latest target in a year-long string of Trump adversaries facing charges.
Former FBI Director James Comey, New York Attorney General Letitia James, and former national security adviser John Bolton have already faced criminal charges from the department. Yet going after Powell-who sets U.S. monetary policy-appeared to cross a line for some conservatives.
Fox Business host Maria Bartiromo, a fierce Trump defender, criticized the investigation on Monday: “It just feels like most on Wall Street do not want to see this kind of fight. The president has very good points, certainly. But Wall Street doesn’t want to see this kind of investigation.”
Trump wants lower interest rates, but attacking the Fed’s independence could backfire and raise borrowing costs instead.
Venezuela Takeover and Global Flashpoints
Trump ordered a U.S. military operation earlier this month to remove Venezuelan President Nicolás Maduro and his wife from the country. He now claims Washington will control Venezuelan oil sales and run the nation from the United States, posting a meme that declared himself “acting president of Venezuela.”
The president says American oil companies stand ready to invest $100 billion to revive Venezuela’s industry.
Simultaneously, Trump threatened Cuba and Iran while insisting the U.S. will control Greenland “one way or the other,” alarming European allies. Greenland belongs to Denmark, a NATO member.
“NATO becomes far more formidable and effective with Greenland in the hands of the UNITED STATES,” Trump wrote Wednesday morning. “Anything less than that is unacceptable.”
Deadly Immigration Raids in Minneapolis
Trump deployed 2,000 immigration agents to Minnesota after reports of fraud in the state’s Somali community. The surge followed the fatal shooting of Renee Good, a 37-year-old mother of three, by a federal agent in Minneapolis.
Administration officials claim the ICE officer fired in self-defense, accusing Good of trying to hit him with her car. Local officials and online videos dispute that account.
On Tuesday, Trump said agents are targeting “thousands of already convicted murderers, drug dealers and addicts, rapists, violent released and escaped prisoners, dangerous people from foreign mental institutions and insane asylums, and other deadly criminals too dangerous to even mention.”
Cleveland Mayor Justin Bibb, who leads the Democratic Mayors Association, said the raids have created “chaos, confusion and uncertainty” in his city. “People don’t feel like the world is getting better. People don’t feel like the economy is getting better,” Bibb added.
Midterms Loom as Economic Approval Slides
Voters will deliver their verdict on Trump’s leadership in November’s midterm elections that will determine control of Congress. Just 37% of U.S. adults approved of the president’s handling of the economy in a January poll from The Associated Press-NORC Center for Public Affairs Research, marking a persistent weakness in his second term.
Democratic messaging focuses on affordability, while some progressives want the party to highlight Trump’s power grabs.
“Folks at the end of last year who thought he would become a typical lame duck and limp toward a midterm loss have a framework for understanding this moment that is drastically outdated,” said Ezra Levin, co-founder of Indivisible. “Authoritarians don’t willingly give up power. When weakened and cornered they lash out.”
Republican National Committee spokesperson Kiersten Pels predicted voters will reward the party: “Voters elected President Trump to put American lives first – and that’s exactly what he’s doing. President Trump is making our country safer, and the American people will remember it in November.”
During a House Republican policy retreat, Trump warned he “will get impeached” if Republicans lose the midterms.
Historians Sound Alarm
“The presidency has gone rogue,” said historian Joanne B. Freeman, a Yale University professor. “It’s something we haven’t seen in this way before.”
Despite the backlash, Trump told supporters in Detroit on Tuesday: “Right now I’m feeling pretty good.” He also lashed out at Powell, declaring: “That jerk will be gone soon.”
Key Takeaways
- Criminal probe of the Federal Reserve unsettles Wall Street conservatives
- Military intervention in Venezuela and threats to Denmark mark a sharp foreign-policy shift
- Fatal ICE shooting and mass raids stoke fear in immigrant communities
- Economic approval at 37% poses a political risk for November elections
