"Gold surged to around $4,600 an ounce on Monday, while silver moved close to record territory, as fears grew over political interference in the independence of the Federal Reserve. The US dollar weakened sharply, with the dollar index falling 0.32 per cent against a basket of major currencies. The flight to safe-haven assets followed remarks by Jerome Powell, who said a criminal investigation into his conduct was part of an effort"
"Despite the turmoil, Wall Street equities eked out modest gains. The S&P 500 rose 0.16 per cent, the Dow Jones Industrial Average added 0.17 per cent, and the Nasdaq climbed 0.26 per cent. Bond markets were more unsettled, with the yield on the benchmark 10-year US Treasury edging up to 4.18 per cent as investors questioned the long-term credibility of US monetary governance."
Donald Trump's confrontation with the US central bank pushed investors toward safe-haven assets, driving gold to around $4,600 an ounce and silver close to record levels. The dollar weakened, with the dollar index down 0.32% against major currencies. Jerome Powell said a criminal investigation into his conduct aimed to intimidate the Fed and undermine its independence. Equities gained modestly (S&P +0.16%, Dow +0.17%, Nasdaq +0.26%) while the 10-year Treasury yield rose to 4.18%. Market volatility surged, with the VIX recording its largest increase since November. Powell confirmed DOJ grand jury subpoenas linked to his testimony on a $2.5bn Fed refurbishment and warned the probe raised questions about political influence over monetary policy.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]