A major showdown is unfolding in Washington on Friday afternoon.

A federal judge has just blocked subpoenas targeting the FED in the criminal investigation of FED Chairman Jerome Powell. The investigation, led by prosecutor Jeanine Pirro, involves the multi-billion-dollar FED headquarters renovation project and Powell's testimony before Congress.

The court stated there is no evidence Powell committed a crime, and suggested the subpoenas appear designed to pressure him into lowering interest rates or resigning, paving the way for a new FED Chair/Governor more aligned with President Trump's agenda.

The U.S. Department of Justice has announced it will appeal, while Senator Thom Tillis has pledged to block the confirmation of Kevin Warsh, Powell's potential replacement, until the investigation is resolved.