US Justice Department drops criminal probe of Fed chair Powell, likely clearing way for Warsh

The U.S. Justice Department has dropped its criminal investigation into Federal Reserve Chair Jerome Powell, removing a significant legal and political overhang. This development improves the likelihood of Kevin Warsh’s nomination to a vacant Fed governor position, as the path for confirmation becomes less contentious amid reduced scrutiny on the Fed’s leadership. The news bolsters market confidence in Warsh’s prospects, directly benefiting investor positioning in assets tied to his policy influence, particularly those sensitive to shifts in monetary tightening or regulatory stance. With the probe resolved, markets will focus on the upcoming Fed nomination announcement and Senate Banking Committee scheduling as the next near-term catalysts for Warsh-related asset volatility.

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