Wall Street is betting nothing will happen between the Fed and DOJ, says Jim Cramer

Summary

Jim Cramer discusses the Justice Department's criminal investigation into Fed Chair Jay Powell and argues the market barely reacted because Wall Street expects the matter to go nowhere. He notes political pressure over Fed rate cuts and Republican pushback, and says Powell's approaching term end reduces the stakes. The muted Dow, S&P 500, and Nasdaq moves show investors are treating the Fed-DOJ conflict as noise for now.

• DOJ launched a criminal investigation into Fed Chair Powell over congressional comments about the Fed headquarters renovation.
• Powell reportedly sees the probe as retaliation for not cutting interest rates fast enough.
• Cramer is skeptical of politically motivated prosecutions but says Trump takes monetary policy seriously.
• Cramer notes the stock market barely reacted to the news.
• Dow gained 86 points, S&P 500 rose 0.16%, and Nasdaq gained 0.26%.
• Cramer says Wall Street is betting nothing will happen between the Fed and DOJ.
• Republican senators are also pushing back on the Powell prosecution.
• Powell's term is nearing an end, reducing the point of pursuing him.