U.S. Federal Reserve Chair Jerome Powell speaks during a press conference, following the issuance of the Federal Open Market Committee's statement on interest rate policy, in Washington, D.C., U.S., September 17, 2025. (Reuters/Elizabeth Frantz)
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A federal judge on Friday said he was blocking subpoenas that the Justice Department served to Federal Reserve Chair Jerome Powell in a probe purported to be about the management of the central bank’s renovation.
Powell disclosed the probe January 11, and described the move as a threat to Fed independence and part of the Trump administration’s attempts to pressure the Fed to cut rates.
The judge agreed, saying a “mountain of evidence” suggests the investigation was to pressure the Fed chair to lower rates or resign.
“The Government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the Court can only conclude that they are pretextual,” Chief Judge James Boasberg wrote.
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(Reporting by Ismail Shakil, Andrew Goudsward, Jasper Ward, Ann Saphir, Editing by Franklin Paul)
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