Chair Subpoena

A federal judge on Friday threw out two Justice Department subpoenas targeting the Federal Reserve, ruling them improper in U.S. Attorney Jeanine Pirro's criminal investigation into Chair Jerome Powell. U.S. District Judge James Boasberg, in a 27-page opinion, stated the subpoenas' dominant purpose was to harass Powell amid President Trump's public attacks, handing a victory to the central bank. The decision underscores escalating tensions between the Trump administration and the Fed, potentially delaying probes into monetary policy decisions. Legal experts anticipate appeals as the case highlights executive-branch overreach concerns.

A judge rejected subpoenas targeting Fed Chair Jerome Powell on March 13, 2026, preventing potential disruptions during a tense market session as indexes fell. The decision came amid broader equity declines, with S&P 500 down 0.5% and Nasdaq off 0.67% in afternoon trading. This ruling stabilizes central bank communications at a critical juncture for monetary policy amid inflation pressures. Markets may now focus on upcoming PCE data releases without subpoena overhang.

A judge rejected a subpoena for Federal Reserve Chair Jerome Powell on March 13, 2026, blocking forced testimony amid ongoing investigations. The decision came during heightened market volatility from oil prices and geopolitical risks, stabilizing expectations for central bank independence. Markets reacted positively in S&P 500 futures, reducing uncertainty over Fed policy signals. This ruling may delay further probes into 2025-2026 rate decisions.