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The Department of Justice (DOJ) announced today that it is dropping its criminal investigation into the Federal Reserve and its chair Jerome Powell.

What was the DOJ investigating?: The costly renovations for the Fed’s headquarters.

Why the DOJ was motivated to do so: An ongoing criminal investigation would continue to delay the confirmation process for Trump’s nominee to be the next Fed chair, Kevin Warsh. Closing the case could clear the way for Warsh to be confirmed by the Senate in the coming days.

Timing: Powell’s term ends on May 15. However, the Federal Reserve chair typically does not step down until a replacement is confirmed. Today’s announcement could put that timing back on track.

Is this saga over for Powell?: Well, U.S. Attorney for the District of Columbia Jeanine Pirro said in a statement that she asked the Fed inspector general to investigate Powell and the Fed renovations.

💬 Follow today’s live blog

The military operation in Iran has burned through a significant amount of the U.S.’s weapon supply, according to The New York Times.

Specifically: “Since the Iran war began in late February, the United States has burned through around 1,100 of its long-range stealth cruise missiles built for a war with China, close to the total number remaining in the U.S. stockpile. The military has fired off more than 1,000 Tomahawk cruise missiles, roughly 10 times the number it currently buys each year. The Pentagon used more than 1,200 Patriot interceptor missiles in the war, at more than $4 million a pop, and more than 1,000 Precision Strike and ATACMS ground-based missiles, leaving inventories worrisomely low, according to internal Defense Department estimates and congressional officials.”

Why this matters: “The drawdowns have left these regional commands less ready to confront potential adversaries like Russia and China, and it has forced the United States to find ways to scale up production to address the depletions.”

Read the NYT reporting: ‘Iran War Has Drained U.S. Supplies of Critical, Costly Weapons’

Israeli Prime Minister Benjamin Netanyahu revealed this morning that he had been treated for early-stage prostate cancer and delayed the release of his annual medical report for two months because of the war in Iran. 🔎 Read Netanyahu’s announcement

President Trump floated a plan this week to bail out Spirit Airlines. The Hill’s Julia Manchester reports that conservatives very much oppose this idea, worrying about the government's involvement in businesses.

Some notable conservatives who publicly oppose Trump’s plan: Sen. Ted Cruz (R-Texas) says he thinks it’s a “terrible idea.” Sen. Tom Cotton (R-Ark.) says it’s “not the best use of taxpayer dollars.” Sen. Mike Lee (R-Utah) argues that “Americans shouldn’t be on the hook for another failing business as its competition thrives.”

The possible agreement: The U.S. government would loan Spirit Airlines as much as $500 million. In return, it would take a big stake in the company, per The Wall Street Journal.

This wouldn’t be the first time: The government acquired roughly 10 percent of Intel’s shares last year.

Read Manchester’s reporting: ‘Trump faces conservative blowback over Spirit Airlines rescue’

55 percent of voters do not think President Trump has the “mental soundness” to serve as president, according to a new Fox News poll. That’s 7 points higher than late 2024.

For comparison: 65 percent of voters thought former President Biden did not have the mental soundness to be president right around the time he dropped out of the 2024 presidential race.

Criticism for the Trump administration as a whole: 56 percent of voters polled think the Trump administration “has not been competent at managing the federal government.”

— The U.S. collected 186 percent more tariff revenue in 2025 because of the Trump tariffs, according to a Politico tracker. The Trump administration is issuing refunds, but those refunds are only going to businesses, not consumers, even though consumer prices rose.

— Meta is cutting 10 percent of its workforce while it invests billions into AI.

The Washington Post: The unflattering secrets revealed so far in Elon Musk’s latest legal feud

The New York Times: A New Worry for Republicans: Latino Catholics Offended by Trump

The Hill: Democrats worry they may be taking the wrong lesson from recent wins

The Wall Street Journal: Inside the Navy Secretary’s Last-Ditch Bid to Save His Job