"The Justice Department's criminal investigation into Fed Chair Jerome Powell escalated into an unprecedented institutional crisis, drawing condemnation from former Fed chairs Janet Yellen, Ben Bernanke, and Alan Greenspan. Powell called the probe, ostensibly focused on comments about a building renovation project, a "pretext" to win presidential influence over interest rates. Gold surged to record highs above $420 and the dollar weakened as investors hedged against potential erosion of central bank independence."
""Gold is no longer moving solely as a hedge against inflation or dollar weakness, but increasingly as protection against geopolitical instability," one analyst noted. Precious metals jumped sharply for the week, with gold mining stocks rallying on safe-haven demand. One Reddit trader captured the sentiment: "We have a geopolitical shitstorm not seen since the Cold War. Unsustainable fiscal and monetary policy in most developed countries.""
"JPMorgan (JPM) delivered adjusted earnings of $5.23 per share, beating the $5 estimate, as markets revenue climbed 17% on volatile trading conditions. Equity trading surged 40% driven by prime brokerage strength, while fixed income rose 7%. The bank took a $2.2 billion provision related to its agreement with Goldman Sachs to assume Apple's credit card portfolio. Investment banking fees fell 5%, disappointing analysts expecting stronger dealmaking momentum."
A Justice Department criminal investigation into Federal Reserve Chair Jerome Powell escalated into an institutional crisis and drew condemnation from former Fed chairs. Powell described the probe, ostensibly about comments on a building renovation project, as a "pretext" to secure presidential influence over interest rates. Gold jumped to record highs above $420 while the dollar weakened as investors hedged against possible erosion of central bank independence. Precious metals and gold mining stocks rallied on safe-haven demand, with traders warning of geopolitical turmoil and unsustainable fiscal and monetary policy. JPMorgan beat earnings expectations as markets revenue rose 17%, but took a $2.2 billion Apple Card provision and saw investment banking fees fall. December CPI rose 0.3% monthly and 2.7% year-over-year, matching November and economist expectations, prompting expectations of a pause in rate cuts.
#federal-reserve #central-bank-independence #gold--precious-metals #jpmorgan-earnings #cpi--inflation
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