Good Friday evening. In this edition: Judge blocks subpoenas against Fed Chair Powell, dealing blow to DOJ's criminal investigation.
Plus, Marines deployment, fatal crash, Russian sanctions and Kennedy Center.
Powell Investigation
A federal judge in Washington blocked subpoenas issued to the Federal Reserve as part of the Justice Department's criminal investigation into Fed Chair Jerome Powell, ruling that prosecutors presented "essentially zero evidence" of a crime and appeared to be using the justice system for political retribution.
"There is abundant evidence that the subpoenas' dominant (if not sole) purpose is to harass and pressure Powell either to yield to the president or to resign and make way for a Fed Chair who will," District Judge James Boasberg wrote in a 27-page ruling.
"On the other side of the scale, the government has offered no evidence whatsoever that Powell committed any crime other than displeasing the president."
The Justice Department opened an investigation into Mr. Powell in November, purportedly examining whether he lied to Congress about renovations to the Federal Reserve's Washington, DC, headquarters.
Mr. Powell and the central bank's Board of Governors were served subpoenas in January seeking information about the renovation project and Mr. Powell's June 2025 testimony before Congress, which briefly addressed the renovations.
The chairman issued a rare video statement that month, calling the inquiry into the renovations and his congressional testimony "pretexts" as part of President Trump's pressure campaign on the Federal Reserve to further lower interest rates.
"The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president," he said in the video.
The revelation of the criminal investigation prompted bipartisan criticism from lawmakers, particularly members of the Senate Banking Committee, who said they saw no evidence of a crime stemming from Mr. Powell's testimony before the panel.
Sen. Thom Tillis (R-NC), a member of the committee, said he would oppose any future nominees to the central bank until the Justice Department drops the investigation, which he called "absurd."
Jeanine Pirro, the U.S. attorney for the District of Columbia and former Fox News host who is leading the investigation, called the judge's decision "outrageous" and vowed to appeal.
Ms. Pirro accused the judge of harboring animus toward President Trump and said the ruling had "neutered the grand jury's ability" to obtain information.
"As a result, Jerome Powell today is now bathed in immunity, preventing my office from investigating the Federal Reserve," she said.
Sen. Tillis said the judge's ruling confirmed "just how weak and frivolous" the investigation was, calling it "nothing more than a failed attack on Fed independence."
"We all know how this is going to end and the D.C. U.S. Attorney's Office should save itself further embarrassment and move on," he said on social media. "Appealing the ruling will only delay the confirmation of Kevin Warsh as the next Fed Chair."
Mr. Powell's term as chair is set to expire in May, but he could serve in the role longer if Kevin Warsh, the president's pick to replace him, is held up in the Senate.
Sen. Tillis voting against Mr. Warsh would likely deadlock the Banking Committee, preventing the nomination from advancing to the full Senate, absent a difficult procedural vote to discharge it from committee.
The U.S. is sending about 2,500 Marines and additional warships to the Middle East as Iran ramps up attacks on the Strait of Hormuz, multipleoutlets reported. The deployment comes as the Trump administration tries to break Iran's grip on the critical waterway, through which about one-fifth of the world's oil passes. Shipping in the strait has largely dried up since the war began last month amid fears of Iranian attacks, sharply driving up oil and gas prices. President Trump early Friday said the U.S. was prepared to use "unparalleled firepower" against the "deranged scumbags" leading Iran. Defense Secretary Pete Hegseth said the U.S. would not allow Iran to continue blocking the strait and warned that Friday would be the most intense and lethal day yet of the U.S. campaign against Iran.
All six U.S. crew members aboard a KC-135 refueling aircraft that went down in western Iraq on Thursday during the ongoing operations against Iran have died, the Pentagon announced. "War is hell. War is chaos," Defense Secretary Pete Hegseth said at a press briefing. "And as we saw yesterday with the tragic crash of our KC-135 tanker, bad things can happen." Joint Chiefs of Staff Chair Gen. Dan Caine said the incident, which remains under investigation, occurred over "friendly territory" and was not the result of hostile or friendly fire. "We're still treating this as an active rescue and recovery operation," he said. Separately Thursday, the aircraft carrier USS Gerald R. Ford experienced an onboard fire in its main laundry area, resulting in "non-life-threatening injuries" to two sailors. Thirteen U.S. service members have died since the war began, including seven from hostile fire.
The Trump administrationtemporarily lifted sanctions on Russian oil shipments, seeking to lessen the economic fallout from the Iran war, which has sent oil and gas prices soaring. "To increase the global reach of existing supply, @USTreasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea," Treasury Secretary Scott Bessent said on X. "The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term." Democrats quickly criticized the move. "As Putin helps Iran target Americans in the Middle East, @POTUS is now filling the Kremlin’s war coffers," Sen. Jeanne Shaheen (D-NH), the ranking member of the Foreign Relations Committee, wrote on X. "Instead of squeezing Russia’s faltering economy, the President's ill-planned war is giving Putin a windfall while American families face higher prices."
Richard Grenell, a close ally of President Trump, plans to step down as head of the Kennedy Center as the DC performing arts venue prepares for a two-year shutdown for renovations following a tumultuous stretch marked by artist cancellations and plummeting ticket sales. Mr. Grenell will be succeeded by Matt Floca, the vice president of facilities operations at the venue, which was recently renamed the "Trump Kennedy Center" following a vote of its Trump-appointed board. "Ric Grenell has done an excellent job in helping to coordinate various elements of the Center during the transition period, and I want to thank him for the outstanding work he has done," President Trump wrote on Truth Social.
For your radar…
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