US Prosecutors Close Criminal Probe into Fed Chair Powell 📈

• Investigation Status: US Federal prosecutors have officially closed the criminal investigation into Federal Reserve Chairman Jerome Powell regarding cost overruns during the renovation of the Fed’s Washington D.C. headquarters. • Current Oversight: The case has been transitioned from a criminal inquiry to an administrative review under the Fed’s inspector general. • Key Developments: US Attorney Jeanine Pirro announced the closure but noted the possibility of restarting a criminal investigation if new facts emerge. The probe specifically scrutinized financial management and budget adherence within the central bank's infrastructure projects. • Economic Context: While primarily a US legal matter, leadership stability at the Federal Reserve is a critical indicator for global markets, impacting interest rates and foreign exchange trends relevant to the Sri Lankan economy.