Core Viewpoint - The issuance of a subpoena to Federal Reserve Chairman Jerome Powell and the initiation of a criminal investigation is intended to demonstrate that "no one is above the law" and should not be interpreted as an attack on the Federal Reserve's so-called "independence" [1] Group 1 - The investigation is led by U.S. Attorney for the District of Columbia, Janina Pirro [1] - The action taken against Powell is framed as a legal measure rather than a political one [1] - The statement emphasizes the principle of legal accountability for all individuals, including high-ranking officials [1]

特朗普此后说，他将在未来几周内宣布下任美联储主席的人选。司法部对鲍威尔的调查不会影响他的时间表。他抵达密歇根州后发表讲话时称"我们有位糟糕的 美联储主席"。 特朗普在底特律经济俱乐部发表讲话时称鲍威尔"非常死板"，并表示，在经济形势良好的情况下，美联储应该降息。他说，如果经济数据好，市场应该上涨， 而不是下跌，希望在市场表现好的时候利率下降。 在司法部对美联储发出大陪审团传票上周末被曝光后，这是特朗普首次在线下公开场合讲话时点名批评鲍威尔。此前，特朗普曾试图与调查保持距离，上周末 对媒体表示对传票"一无所知"。 同在周二，媒体获悉，负责此次调查的哥伦比亚特区联邦检察官Jeanine Pirro在向美联储发出传票之前并未寻求司法部上司的批准，且无意放弃对鲍威尔的调 查。这一刑事调查引发了共和党参议员的强烈反对，威胁到特朗普对下任美联储主席人选的提名进程。 此次调查涉及美联储总部翻新项目及鲍威尔就此向国会作证的内容。三位前美联储主席和四位前美国财政部长本周一发布联合声明，谴责这一调查"在以法治为 最大优势、以法治为经济成功基础的美国没有立足之地"。参议院银行委员会的重要成员Thom Tillis承诺，在此事解决之 ...

Core Viewpoint - The investigation into Powell has raised global concerns about the independence of the Federal Reserve, with strong condemnation from former Fed chairs, Treasury secretaries, and economists against Trump's interference [1][4]. Group 1: Federal Reserve Independence - The independence of the Federal Reserve is considered a cornerstone of the stability of the U.S. financial system, designed with multiple "firewalls" to ensure its autonomy [12]. - Trump's actions have broken longstanding norms, as no previous president has openly threatened to dismiss Fed officials or initiate criminal investigations against them [13]. - The recent political pressure on the Fed has led to public skepticism regarding the fairness of law enforcement, particularly with the Justice Department's investigations targeting Trump's political opponents [14]. Group 2: Political Pressure and Implications - Trump has been pressuring Powell to lower interest rates, indicating a desire to control the Fed's interest rate decisions, which directly influence the U.S. economy [11]. - The upcoming Federal Reserve meeting on January 27-28 is expected to maintain current interest rates, with a 97.2% probability of no rate cut, despite Trump's pressure [15]. - Analysts warn that politicizing the Fed could undermine its policy autonomy, increase inflationary pressures, and weaken the dollar's status as a reserve currency, potentially leading to higher borrowing costs [15]. Group 3: Investigation Background - The investigation was triggered by the renovation project of the Fed's Washington headquarters, which saw costs escalate from an initial budget of $1.9 billion to approximately $2.5 billion due to unexpected increases in labor and material costs [6]. - Trump has accused Powell of mismanagement and suggested fraudulent behavior without evidence, using the renovation project as a basis for his claims [7][9]. - The White House criticized the project for including "luxurious facilities," which Powell has denied, asserting that the criticisms are merely a pretext to exert pressure on interest rate decisions [8][9].

Group 1 - Nomura Securities indicates that the Philippines' economic outlook is weakening due to government corruption scandals and an expanding negative output gap, suggesting that the monetary easing cycle is not over, with expectations of two rate cuts in 2026 [1] - The Carlyle Group notes that Japan's bond yields have risen to multi-year highs and the yen continues to depreciate, reflecting an economy emerging from long-term deflation, with a gradual normalization of interest rates being a positive development [1] - Mizuho Securities highlights that Japanese investors' allocation to overseas bonds is highly dependent on the Bank of Japan's interest rate path, with recent data showing a net sell-off of long-term foreign bonds [1] Group 2 - Analysts from XS.com report that the U.S. has shifted its stance on negotiations with Iran, increasing geopolitical risks, although the dollar's response to these events has been limited [2] - Westpac economists note that the U.S. Department of Justice's criminal investigation into Powell marks a new phase of government pressure on the central bank, but Powell enjoys broad support, indicating limited coercive power from Trump [2] - Columbia Threadneedle Investments emphasizes that threats against Powell regarding the Federal Reserve's budget could pose a direct threat to market sentiment, raising concerns about the politicization of the central bank [2][3] Group 3 - MFS Investment Management warns that threats to the Federal Reserve's independence represent a significant risk, highlighting the urgency for global asset diversification [3] - The market is currently returning to fundamental trading, but ongoing political pressure on the Federal Reserve's independence remains a concern, as indicated by Trump's critical remarks about Powell [3]

Core Viewpoint - The investigation into Federal Reserve Chairman Jerome Powell regarding the $2.5 billion renovation of the Eccles Building has escalated into a significant political issue, highlighting the tension between the Federal Reserve's independence and political pressures from former President Trump [1][3][5]. Group 1: Investigation Details - The investigation focuses on allegations of false statements made by Powell during congressional testimony related to the renovation project [1]. - The renovation project has a budget of $2.5 billion (approximately 180 billion RMB), raising concerns about cost overruns [1]. - Powell has characterized the investigation as a product of "White House interest in interest rates," indicating a broader challenge to the Federal Reserve's independence [3]. Group 2: Political Context - The investigation reflects a significant shift in the long-standing consensus that central bank decisions should not be influenced by short-term political interests, particularly under Trump's administration [5]. - Trump's ongoing criticism of Powell since his appointment has intensified, particularly regarding the pace and extent of interest rate cuts [5]. - The investigation serves as a warning to future central bank leaders about the increasing political pressures they may face [5]. Group 3: Market Implications - Investors are beginning to reassess the future policy direction of the Federal Reserve, with concerns that political preferences may influence interest rate decisions [7]. - If the Federal Reserve's decisions are swayed by political pressures, the safety of dollar-denominated assets could be fundamentally questioned, leading to market volatility [7]. - The investigation may also serve as a political maneuver for Trump, diverting public attention from economic challenges while reinforcing his anti-establishment image [7][8]. Group 4: Potential Outcomes - There are implications that the investigation could lead to a change in leadership at the Federal Reserve, allowing Trump to appoint allies who align with his policy preferences [8]. - This potential shift could further align monetary policy with Trump's political agenda, impacting trade and infrastructure initiatives [8]. - The investigation underscores the intense competition between political and economic power within the U.S., with possible repercussions for the global economic landscape [8].

The dollar was trading steady as investors tread cautiously ahead of U.S. economic data and amid concerns about the Federal Reserve's independence.Delayed November U.S. retail sales and producer prices data will also be released at 8:30 a.m. Eastern time. It follows data Tuesday that showed U.S. inflation held at 2.7% in December as expected.Fed independence remains at risk after the Justice Department opened a criminal investigation into Chair Jerome Powell amid President Donald Trump's repeated criticism ...

Core Viewpoint - The investigation into Federal Reserve Chairman Jerome Powell by the U.S. Attorney for the District of Columbia, Janina Pirro, aims to assert that no one is above the law, and it should not be perceived as an attack on the Federal Reserve's independence [2][4]. Group 1 - The investigation focuses on cost overruns related to the renovation of the Federal Reserve building and whether Powell lied during congressional testimony [4]. - The inquiry began in November 2025, with initial emails sent to the Federal Reserve on December 19, 2025, which went unanswered, prompting further action from Pirro's office [4]. - Powell has claimed that the criminal investigation is an attempt to exert greater influence over the Federal Reserve and its monetary policy [6]. Group 2 - Former President Trump criticized Powell as a "bad Federal Reserve Chairman" for maintaining high interest rates and commented on the investigation's appearance of political retribution [6]. - Trump expressed dissatisfaction with federal prosecutors, suggesting they are not investigating targets quickly enough, which coincided with the issuance of the subpoena to the Federal Reserve [6].

Group 1 - The core viewpoint of the article highlights the criminal investigation initiated by the U.S. Attorney for the District of Columbia, Janine Pirro, against Federal Reserve Chairman Jerome Powell, emphasizing that no one is above the law [1] - The investigation focuses on the cost overruns related to the renovation of the Federal Reserve building and whether Powell lied during congressional testimony [1] - Pirro stated that the investigation began in November 2025, and her office's attempts to communicate with the Federal Reserve went unanswered, prompting further action [1] Group 2 - Powell released a video statement claiming that the criminal investigation is an attempt to exert greater influence over the Federal Reserve and its monetary policy [2] - Former President Trump criticized Powell as a "bad Federal Reserve Chairman" for maintaining high interest rates and commented on the investigation's appearance of political retribution [2] - The Wall Street Journal reported that Trump had previously criticized federal prosecutors for being slow in their investigations, coinciding with the issuance of the subpoena to the Federal Reserve [2]

Core Viewpoint - The criminal investigation into Federal Reserve Chairman Jerome Powell by the Trump administration has raised concerns on Wall Street, leading to strong protests from former officials and investors regarding the independence of the Federal Reserve [1][2]. Group 1: Federal Reserve Independence - Former officials, including Alan Greenspan, Ben Bernanke, and Janet Yellen, have defended Powell and the Federal Reserve's ability to set monetary policy free from political influence, labeling the investigation as an unprecedented attempt to undermine this independence [2]. - The investigation is perceived as an effort to coerce the Federal Reserve into aligning with government preferences, which could negatively impact inflation and the broader economy [2]. Group 2: Market Reactions - Following the announcement of Powell's criminal investigation, there was a significant "Sell America" trend, with the dollar declining and gold prices surging to historical highs [3][4]. - The Dow Jones Industrial Average dropped nearly 500 points, and the dollar index fell by 0.2%, while gold and silver prices reached record levels during the trading session [5]. Group 3: Investor Sentiment - Investors are demanding higher risk premiums for U.S. assets due to the political pressures surrounding the Federal Reserve, leading to a shift towards safe-haven assets like gold [5]. - The Chicago Board Options Exchange Volatility Index, known as the "fear index," increased during the trading session, indicating market uncertainty regarding the long-term implications of the investigation [7]. Group 4: White House Response - The White House has denied that President Trump ordered the investigation into Powell, asserting that the President has the right to criticize the Federal Reserve Chairman [9]. - Concerns have been raised about the future independence of the Federal Reserve, especially with Trump's comments regarding the qualifications of potential successors to Powell [9].

Core Viewpoint - The article highlights the cautious sentiment among investors regarding the stability of the US dollar, particularly in light of upcoming economic data releases and concerns over the independence of the Federal Reserve [1] Group 1: Economic Data - The US retail sales and producer price index data for November, which were delayed, are set to be released at 1330 GMT [1] - The inflation rate in the US for December remained steady at 2.7%, aligning with expectations [1] Group 2: Federal Reserve Independence - Concerns regarding the independence of the Federal Reserve have intensified following a criminal investigation by the Department of Justice into Chairman Jerome Powell, prompted by President Trump's repeated criticisms of Powell's cautious stance on interest rate cuts [1] - Despite the investigation, the impact on the dollar has been minimal so far, largely due to opposition from several Republican lawmakers [1] Group 3: Market Indicators - The DXY dollar index is reported at 99.122, indicating the current strength of the dollar amidst the prevailing uncertainties [1]