This study examines how power relations between journalism and political actors vary across the news production process. Applying a process approach, it addresses this issue by exploring journalists' enactment of the watchdog role in two key moments of news production: the interactional phase and the news-construction phase. The study is conducted in the context of press conferences with the Swedish Government and involves data from question-and-answer sessions and published news content that was initiated by such press conferences. With a low or moderate extent of journalistic aggressiveness in the interactional phase, the results indicate that this moment is characterized by cooperativeness and can be described in accordance with an exchange model. By contrast, the analysis of the published news content demonstrates a high extent of criticism and is in line with an adversary model. Altogether, the findings contribute new evidence to suggest that the power relations between journalists and political actors vary across the moments of news production, and that journalistic autonomy increases in the later phases of the process. The differences in the extent of watchdog-role performance are discussed in terms of a strategic ritual by which news journalism promotes a favorable image of itself as a public watchdog institution.