Remember that criminal investigation into Federal Reserve Chair Jerome Powell over some questionable building renovations? It might not be over yet.

Jeanine Pirro, the federal prosecutor for Washington, D.C., hinted Sunday that her office could revive the probe, depending on what the Fed's inspector general finds. Speaking on CNN's State of the Union, Pirro said she wants the inspector general, Michael Horowitz, to finish his separate investigation so she can see the results.

"I want to see those statements, I want to see what's there," Pirro said.

When asked whether the probe would be dropped if the inspector general finds no wrongdoing, Pirro was noncommittal: "It depends on what he finds." She added that if no evidence of criminal activity emerges, she'd "go home."

The criminal probe was halted after Judge James Boasberg, an Obama appointee, blocked document subpoenas in a March ruling. Pirro said she plans to challenge that decision.

Powell Stays as Probe Tensions Rise

In late April, the Department of Justice dropped Powell's criminal probe, which cleared the way for Kevin Warsh's appointment as the next Fed chair. But then Powell surprised everyone by saying he'd stay on as a Fed governor, calling the legal attacks "unprecedented." He said he'd remain on the board until the investigation is fully resolved with transparency, sticking to his earlier stance not to step down until the DOJ inquiry concludes. Powell's term as a governor runs until 2028.

This decision came after Senator Thom Tillis (R-N.C.) approved the Senate confirmation of Warsh, President Donald Trump's nominee for Fed chair. Tillis was assured that the case against Powell was fully settled with no plans to reopen it — unless the inspector general issues a criminal referral. Last week, Trump himself said the probe into Powell is "not dropped" and vowed to find out why a $25 million project allegedly cost billions.

Meanwhile, with Powell staying on alongside incoming chair Kevin Warsh, markets might not get the dovish tilt some expected. The Fed held rates at 3.50%–3.75%, but a rare four-way dissent signaled deep divisions, with concerns that inflation is rising.

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