The Federal Reserve is challenging two subpoenas through legal proceedings. The subpoenas, issued by U.S. Attorney Jeanine Pirro, relate to a criminal investigation into Federal Reserve Chairman Jerome Powell. The investigation focuses on Powell's previous statements to Congress regarding the Fed building renovation project. Powell has publicly stated that the investigation is related to controversies surrounding monetary policy. Sources say the Fed has requested the court to dismiss or reduce the scope of the subpoenas under confidentiality procedures. Due to the confidentiality rules governing grand jury investigations, the legal proceedings have not been made public. (Wall Street Journal)