Powell keeps quiet on DOJ probe and what's next at the Fed
After a recent Fed meeting, Chair Jerome Powell sidestepped questions about grand jury subpoenas from the Department of Justice and whether he'll stay on after his term ends in May 2026.
When pressed, he simply said, "I have nothing for you on that today," leaving everyone guessing about both the investigation and his future plans.
Why does this matter?
The DOJ is looking into Powell's 2025 Senate testimony about a massive $2.5 billion Fed building renovation that has reported cost overruns—money Treasury Secretary Scott Bessent called "magic money."
Some say this probe is political pressure to get Powell to lower interest rates.
Meanwhile, with Powell's term ending soon, there's debate over who gets to lead the powerful central bank next—and Senator Thom Tillis says he'll block any new nominees until these issues are sorted out.
All eyes are on how independent the Fed can stay through it all.