Three peculiarities about Jerome Powell’s statement.

1. Powell is the one who decided to disclose the existence of the grand jury subpoena, not the government. The government is generally prohibited from discussing grand jury proceedings.

2. Contrary to Powell’s statement, service of a subpoena on the Fed is not a threat to indict him. Subpoenas are investigative tools. It’s possible that the government separately advised Powell that he was a “target” of the investigation, but he didn’t say that.

3. Nowhere in the statement does Powell say his testimony to Congress about the Fed construction project was truthful and accurate.

Powell is toast. My guess is that he has taken kick backs from the contractors for change orders and is going to go down for accepting bribes.