Subpoenas

• A federal judge on March 14, 2026, blocked subpoenas directed at the Federal Reserve by the Justice Department, hitting an institutional guardrail for the Trump administration. • The ruling delays confirmation of Kevin Warsh as next Fed Chair, with Republican Senator Thom Tillis warning of prolonged process; DOJ plans to appeal. • This occurs amid fading confidence in US trade policy and fiscal credibility, maintaining bearish USD views.

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 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.