A U.S. judge on Friday blocked subpoenas issued in a criminal investigation into Federal Reserve Chair Jerome Powell by ​a prosecutor appointed by President Donald Trump, agreeing with Powell that the probe was an improper attempt to intimidate the central bank into cutting interest rates.

March 13, 2026 © 2026 NBCUniversal Media, LLC

A federal judge on Friday quashed Justice Department subpoenas issued to the Federal Reserve in January, a severe blow to an investigation that has already attracted strong criticism on Capitol Hill

A federal judge has quashed subpoenas the Justice Department had issued against Federal Reserve Chair Jerome Powell, according to court documents unsealed Friday.

Judge James Boasberg said that a "mountain of evidence suggests" that the purpose of the subpoenas was simply to pressure the Fed to cut its key interest rate, as President Trump has repeatedly demanded.

A federal judge has quashed a pair of grand jury subpoenas sent to the Federal Reserve Board as part of a criminal probe by U.S. Attorney Jeanine Pirro's office.

U.S. Attorney Jeanine Pirro on Friday (March 13) said that the Justice Department will appeal a ruling blocking subpoenas it served to Federal Reserve Chair Jerome Powell in a probe purported to be about the management of the central bank's renovation.

A federal judge on Friday quashed Justice Department subpoenas issued to the Federal Reserve in January, a severe blow to an investigation that attracted strong criticism.