Judge blocks subpoenas for Powell
A federal judge has blocked subpoenas tied to a Trump-related probe that targeted Fed Chair Jerome Powell, a decision markets flagged as easing some immediate policy uncertainty. The ruling matters because it removes a legal headline that briefly rattled investors while broader inflation and geopolitical shocks set policy expectations.
Chief U.S. District Judge James [Boasberg quashed]cbsnews.com two grand‑jury subpoenas in a 27‑page opinion dated March 11, saying the government had produced “essentially zero evidence” that Powell committed a crime. cbsnews.com The subpoenas targeted records tied to a roughly $2.5 billion Federal Reserve headquarters [renovation project]thehill.com and were connected to Jerome Powell’s testimony before the Senate Banking Committee in June 2025 [about that renovation].cbsnews.com U.S. Attorney Jeanine [Pirro announced]cnbc.com that the Justice Department will appeal the ruling, and Senate Republican Thom Tillis has said he will continue to withhold confirmation of Kevin Warsh until the inquiry is resolved.cnbc.com When the subpoenas were first disclosed in January, S&P 500 futures fell about 0.7%, the U.S. 10‑year Treasury yield rose roughly 0.7%, and the dollar weakened — market moves reported amid concerns over central‑bank independence.investing.com
