What exactly did the court decide about Jerome Powell?

A federal judge blocked DOJ subpoenas tied to a criminal probe of Jerome Powell, finding no evidence to justify them and calling the effort effectively pretextual. The ruling lowers the risk that politics steers policy, but the Justice Department said it will appeal, so legal uncertainty has not fully cleared.

How could the ruling affect rate cuts in 2026?

It reinforces that rate decisions should remain data‑driven. If inflation cools and growth slows, cuts stay on the table. If price pressures persist, the path could be slower. The ruling by itself does not cause cuts; it reduces political noise that might have skewed expectations.

What does this mean for Canadian investors and the loonie?

A steadier Federal Reserve tends to calm global rate volatility. If markets price fewer near‑term cuts, the U.S. dollar may strengthen, which can pressure the loonie. Canadians holding U.S. stocks might consider partial currency hedges, while fixed income investors can use a ladder to manage reinvestment risk.

Is now a good time to buy the S&P 500 (^GSPC)?

The index looks oversold (RSI 35.2; CCI −153) and sits near the 200‑day average, but trend metrics remain weak. Our score is C+ (Hold). Consider dollar‑cost averaging and look for a reclaim of the 50‑day with stronger breadth and volume before increasing risk.

Law and Government

^GSPC Today March 14: Court Blocks Powell Probe, Backs Fed Independence

ByHuzaifa Zahoor March 15, 2026March 15, 2026

A U.S. court blocked DOJ subpoenas tied to a criminal probe of Jerome Powell, calling the effort pretextual and aimed at pressuring rate cuts. This bolsters Federal Reserve independence, lowering near-term political risk for policy. For Canadian investors, the decision matters because U.S. rates steer global risk appetite, the loonie, and cross‑border earnings. The ^GSPC sits near key supports after a strong 1‑year run, but YTD softness and elevated volatility signal choppier trading ahead as an appeal looms and Senate dynamics keep succession risk alive.