DOJ Drops Criminal Probe of Fed Chair Powell

The Justice Department has closed its criminal investigation into Federal Reserve Chair Jerome Powell, U.S. Attorney Jeanine Pirro announced Friday. The probe had focused on a renovation project at the Federal Reserve. No charges were filed. The investigation had put unusual scrutiny on the sitting head of the world's most influential central bank. Powell oversees U.S. monetary policy, including interest rate decisions that ripple through global markets, credit conditions, and borrowing costs. With the case closed, Powell remains in his role without the legal cloud that had accompanied the probe. The Fed's policy independence is a closely watched issue for markets, since any political pressure on its leadership tends to raise concerns about the credibility of rate-setting decisions. No further details about what specifically triggered the investigation or what evidence was reviewed have been made public. Investors and analysts will watch whether the closure reduces any background uncertainty around Fed leadership stability heading into upcoming rate decisions.