U.S. stock futures plunged Sunday night following news of an investigation into Federal Reserve Chair Jerome Powell. The probe, linked to Powell's June testimony regarding Federal Reserve building renovations, sparked concerns about the Fed's independence. Nasdaq 100 futures led the decline, dropping approximately 0.8%. S&P 500 futures fell roughly 0.5%, and Dow Jones Industrial Average futures decreased about 0.4%. Investors swiftly moved into safe-haven assets. Gold futures surged 1.7% to around $4,578 an ounce. Silver prices jumped more than 4%. The U.S. dollar weakened against the Swiss franc and Japanese yen. The investigation's emergence revived fears of political interference at the Fed, following years of pressure from former President Donald Trump. Markets are closely watching for further developments and official statements.
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Macclesfield FC pulled off a monumental FA Cup shocker, stunning defending champs Crystal Palace 2-1 behind goals from Paul Dawson and Isaac Buckley-Ricketts! The sixth-tier squad's victory at Moss Rose marks the first time in over a century that a non-league team has ousted the reigning FA Cup titleholders, etching their names into soccer lore.
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Federal Reserve Chairman Jerome Powell has accused the Justice Department of launching a politically motivated criminal probe into his Senate testimony, alleging it stems from the Fed's refusal to lower interest rates as requested by the Trump administration. Powell asserts the investigation, involving grand jury subpoenas, is a threat to the Fed's independence and its ability to set monetary policy based on economic conditions rather than political pressure, emphasizing his commitment to the Fed's mandate of price stability and maximum employment. The Justice Department has not yet issued a public statement regarding the matter.
A Justice Department criminal inquiry into Federal Reserve Chairman Jerome Powell is drawing criticism from Congress, potentially jeopardizing President Trump's ability to appoint a new Fed leader. The investigation, related to Powell's testimony on Fed headquarters renovations, is viewed by some, including Senator Tillis, as an attack on the Fed's independence, with Tillis vowing to block any Fed nominees until the matter is resolved. Powell himself alleges the probe is politically motivated, aimed at influencing interest rate policy.
The Department of Justice has subpoenaed the Federal Reserve amidst increasing pressure from the Trump administration, potentially threatening criminal indictments related to Chairman Powell's testimony on renovation costs. This action raises concerns about the Fed's independence in setting interest rates based on economic analysis rather than political influence, highlighting the delicate balance between governmental oversight and central bank autonomy. The situation underscores the importance of maintaining the integrity of financial institutions to ensure economic stability.
Jerome Powell's confirmation of an investigation into his testimony triggered a market selloff, with Nasdaq 100 futures leading the decline at -0.8% and S&P 500 futures down 0.5%, as investors fear a compromised Fed independence. Safe-haven assets like gold and silver surged, rising 1.7% to $4,578/ounce and over 4% respectively, signaling increased demand amidst political and monetary uncertainty.
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In a stunning FA Cup shocker, sixth-tier Macclesfield FC dethroned reigning champions Crystal Palace 2-1, fueled by goals from captain Paul Dawson and Isaac Buckley-Ricketts. This historic upset, reminiscent of the greatest giant-killings in FA Cup lore, marks the first time in over a century that a non-league team has ousted the defending champs.
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