DOJ Drops Jerome Powell Criminal Probe

The Department of Justice confirmed it will not reopen its criminal probe into former Federal Reserve Chair Jerome Powell regarding the headquarters renovation project, CNBC reported Friday. The inquiry examined cost overruns on the central bank's multibillion-dollar building overhaul. A department spokesperson told CNBC that federal prosecutors consider the matter resolved, removing an overhang that had lingered over the former central bank leadership. On the tape, the macro landscape had already loosened its grip. The 10-year Treasury yield dropped to around 5.28% following September employment numbers, while VIX eased 5.98% to 15.41. The broader market spent the afternoon building on those softer yields, with front-month S&P 500 futures up 0.73% at 7,781 and Nasdaq futures climbing 1.05% to 31,083. That legal headline lands on an equity complex that was already anchored by deep dealer liquidity. My dealer book shows SPY spot printing at 769.82, sitting directly in long gamma territory above its 768.29 gamma flip. The immediate ceiling is firmly visible: SPY is running straight into its 770 call wall, with the expected move priced at plus or minus 0.46% and the put wall down at 764. QQQ is mirroring that cushion. Spot sits at 749.42, safely above its 748.05 flip, leaving dealers in positive inventory where they buy pullbacks and supply rallies. The tech call wall stands at 755 against a 736 put wall, with skew reading 1.7. When legal friction clears on a day dealers are already hedged long gamma, the tape rarely runs away unchecked. Instead, positive dealer inventory acts as a natural brake against volatility. SPY remains pinned right beneath that 770 call wall, absorbing headlines rather than chasing them.