Core Viewpoint - The criminal investigation into Federal Reserve Chairman Powell is perceived globally as an attempt by the Trump administration to seize control over monetary policy, potentially undermining investor confidence in the U.S. financial system and the dollar [1] Group 1: Impact on the Dollar - The attractiveness of holding the dollar as a safe asset is declining due to actions that are seen as damaging to the institutional framework of the U.S. [1] - The dominance of the dollar is partly attributed to its stable political environment and robust treasury market [1] Group 2: Consequences of Central Bank Independence - If the independence of the central bank is compromised, it could lead to uncontrolled inflation, which may weaken the credibility of dollar-denominated assets [1] - The internationalization of other currencies is gaining new policy significance as a result of these developments [1]