U.S. Attorney Jeanine Pirro gives update on Federal Reserve investigation — 3/13/2026

Jerome Powell today is now bathed in immunity, preventing my office from investigating the Federal Reserve. An active criminal investigation into the Federal Reserve and its leadership creates unprecedented institutional instability. When the credibility, independence, or legal standing of a central bank is threatened, investors lose faith in fiat management and aggressively move capital into non-fiat safe havens. LONG gold as a direct hedge against the collapse of central bank credibility and institutional chaos in Washington. The appellate courts swiftly dismiss the DOJ's case, restoring full confidence in the Fed and draining the safe-haven premium from precious metals.

Jerome Powell testified before the Senate Banking Committee making quote questionable statements that did not comport with publicly available documents. Accusations of perjury and fraud against the Fed Chair introduce the tail-risk of Powell being forced to resign or being severely distracted from monetary policy duties. If the market begins to price in a leadership vacuum at the Fed, the predictability of interest rate trajectories drops to zero, which will cause violent repricing at the long end of the yield curve. WATCH long-duration U.S. Treasuries for extreme price dislocations as the market digests the potential for abrupt shifts in monetary policy leadership. The Federal Reserve's committee structure proves resilient enough to maintain clear forward guidance regardless of Powell's personal legal status, keeping bond markets stable.

This outrageous decision will be appealed by the United States Department of Justice. The DOJ formally appealing a decision to force the Federal Reserve to comply with grand jury subpoenas guarantees prolonged, high-stakes headline risk. Markets abhor uncertainty, and a protracted legal war between the executive branch's justice department and the central bank will inevitably cause spikes in implied volatility as institutional investors rush to hedge their portfolios. LONG volatility to capitalize on the ensuing market panic and unpredictable headline shocks. The broader market completely ignores the political theater, focusing instead on strong underlying economic data and corporate earnings, causing volatility products to decay.