Calls judge's ruling 'brutal,' stating the 'dominant purpose of the subpoena is to pressure [Powell] to lower rates.' Says this is a clear attack on Fed independence unprecedented in prior administrations.

Says investigation might continue due to administration's vindictiveness, creating an uncomfortable environment. Notes Powell can afford defense, but other Fed officials like Lisa Cook had to scramble for resources.

Believes Powell stays on until a successor is confirmed. Argues markets are calm because the Fed Chair is just one vote; a new chair demanding Trump-endorsed cuts would be voted down by the board, so near-term policy impact is minimal.