Administration reaction and market impact

Fed Chair Jerome Powell dropped a bombshell on Sunday: a video disclosing the Fed had been subpoenaed in a criminal investigation related to his congressional testimony about cost overruns in the Fed’s headquarters renovation. Powell said bluntly that the investigation is an effort to use the DOJ to assert control over the Fed and its interest-rate setting apparatus. Did this make Ken scream "shut up!!!!" at Powell's video? Meanwhile, Minnesota and some of its municipalities have sued the federal government, arguing that the ICE surge in the state is illegal and unconstitutional. Those discussions are for all listeners. Paying subscribers also get:

* A look at intensifying turnover in US Attorneys’ offices, including the resignation of top prosecutors who had been leading the investigations into welfare fraud in Minnesota that was concentrated in the state’s Somali-American community.

* DOJ’s argument for why Lindsey Halligan can keep calling herself a US Attorney after a judge ruled she isn’t one.

* Senator Mark Kelly’s many arguments for why Pete Hegseth can’t reduce his rank and pension.

* Some “shut up” news: prosecutors want to admit several incriminating statements from defendant Thomas Goldstein’s pre-trial New York Times profile.

* And a look at a bizarre situation where Bruce Fein insists he somehow became Nicolas Maduro’s lawyer even though Maduro says he never hired him.

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