The Justice Department closed its criminal investigation into former Federal Reserve Chair Jerome Powell in April 2026 without filing charges, after a federal judge quashed related subpoenas and found no evidence of wrongdoing tied to congressional testimony on the central bank’s headquarters renovation project. The probe, which centered on cost overruns exceeding $2 billion, had been viewed by market participants as politically motivated pressure amid disputes over interest rate policy. With no active federal inquiries reported since the closure and Powell’s term as chair ending in May, trader consensus now assigns negligible implied probability to charges. Upcoming catalysts appear limited, though any new congressional scrutiny or inspector general findings could theoretically alter sentiment in a low-probability environment.