A major confrontation is unfolding in Washington on Friday afternoon.

A federal judge has blocked subpoenas targeting the Federal Reserve in a criminal investigation into Fed Chairman Jerome Powell. The investigation, led by prosecutor Jeanine Pirro, concerns a multi-billion dollar renovation project for the Fed headquarters and Powell's testimony before Congress.

The court stated there is no evidence Powell committed a crime, and argued that the subpoenas appear to be aimed at pressuring him to lower interest rates or resign, paving the way for a new Fed Chairman/Governor more aligned with President Trump's agenda.

The U.S. Department of Justice announced it will appeal, while Senator Thom Tillis pledged to block the confirmation of Kevin Warsh, Powell's replacement, until the investigation is resolved.

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