A ‘mountain of evidence’ suggests the subpoenas were to pressure Jerome Powell to obey Trump’s demands to cut interest rates, the judge says
2-MIN READ2-MIN ListenAssociated PressPublished: 4:17am, 14 Mar 2026A federal judge on Friday quashed US 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.
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 US President Donald Trump has repeatedly demanded.
Fed Chair Jerome Powell revealed the investigation on January 11, prompting Senator Thom Tillis, a North Carolina Republican, to block consideration of Trump’s pick to replace Powell as Fed chair when his term expires May 15.
Boasberg said in his ruling that the case “thus asks: Did prosecutors issue those subpoenas for a proper purpose? The court finds that they did not.”
“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,” he wrote.
US Fed chief threatened with criminal indictment by Trump administration
US Fed chief threatened with criminal indictment by Trump administrationUS Attorney Jeanine Pirro, who issued the subpoenas, said at a news conference on Friday that she would appeal the ruling.
