Subpoena

A federal judge on Friday threw out two Justice Department subpoenas issued to 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, an Obama appointee, stated in a 27-page opinion that the subpoenas' dominant purpose appeared to harass Powell into yielding to President Trump or resigning. The decision represents a significant setback for the Trump administration's efforts to pressure the independent central bank amid public attacks on Powell. Legal experts anticipate appeals, potentially escalating tensions between the executive branch and judicial oversight of monetary policy.

The US Department of Justice issued subpoenas to NVIDIA investigating alleged 'loyalty penalties' that deter customers from rival AI hardware makers like Grok and Cerebras. This probe targets NVIDIA's dominance in AI chips, dubbed the 'new oil,' amid warnings that such chips will stay US-based without foreign investment in American manufacturing. The action intensifies semiconductor sovereignty battles, potentially reshaping competition as AI infrastructure surges.

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.