The Justice Department has terminated its criminal investigation into Federal Reserve Chair Jerome Powell, a development that clears a path for confirming Kevin Warsh as the next Fed chair.

The probe centered on a $2.5 billion Fed building renovation, with Powell testifying on the project in brief senate appearances and Trump criticizing cost overruns while Powell noted an inflated onsite estimate.

Warsh testified that he would not commit to specific rate decisions and stressed his independence from the White House amid political pressure from Trump.

The article adds regional and national context, including weather highlights and local education actions, to frame the broader news day.

Crypto industry context is noted, with Warsh’s ties to digital assets and the broader regulatory environment influencing policy developments.

Markets reacted to the news, with the dollar and Treasury yields shifting and U.S. stocks mixed, including a rally in chip stocks.

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readers are advised to consult the full report for precise timing and official statements due to absence of explicit date references in the excerpt.

Sources include Powell, Warsh, and lawmakers like Warren and Tillis, with mentions of Bitcoin price movements related to Fed policy.

The development was reported from Washington, attributed to the Associated Press.

Experts suggest Warsh’s preference for inflation metrics like the trimmed mean and median could alter policy signaling and add volatility around FOMC announcements.

The piece notes ongoing legal and political dynamics around Powell’s case, Warsh’s nomination, and related court actions, including subpoenas and potential Supreme Court involvement.