U.S. District Judge James Boasberg on Friday denied the Justice Department's request to revive two subpoenas served to the Federal Reserve, upholding his earlier decision to block the grand jury subpoenas.

Boasberg, who serves as chief judge of Washington's federal trial court, said the government "did not come close" to persuading him to reconsider his ruling that quashed the two subpoenas. The subpoenas targeted both the Federal Reserve as an institution and its chair, Jerome Powell.

The Justice Department had sought to have the judge reconsider his initial decision blocking the subpoenas, but Boasberg maintained his original position. The ruling represents a setback for federal prosecutors in what appears to be an ongoing grand jury investigation.

The decision sets up a likely appeal by the Justice Department to a higher court. The specific nature of the investigation and the information sought through the subpoenas has not been disclosed publicly, as grand jury proceedings remain confidential.

The Federal Reserve, as the nation's central bank, maintains independence from other government branches in its monetary policy decisions. The court's protection of this institution from Justice Department subpoenas reflects ongoing tensions between prosecutorial powers and central bank autonomy.