Dollar Falls on Fed Independence Concerns

The dollar fell against a basket of currencies after Federal Reserve Chair Jerome Powell said the Department of Justice had subpoenaed the central bank on Friday and threatened a criminal indictment against him over cost overruns at the agency's headquarters.The news is a stern reminder of the risks to Fed independence, especially as Powell "made it unusually clear" that the purpose of this was to influence monetary policy, Commerzbank's Thu Lan Nguyen said in a note.The U.S. government's move might not sig ...