#美国非农就业数据未达市场预期 The Federal Reserve Independence Crisis? Powell Under Investigation Sparks Global Asset Volatility

On January 11th, local time, news broke that Federal Reserve Chair Jerome Powell was the subject of a criminal investigation initiated by federal prosecutors, directly triggering a sharp fluctuation in global financial markets. The investigation into the renovation project at the Fed headquarters actually reflects deep disagreements among U.S. political elites over the direction of monetary policy.

Prosecutors accused Powell of making false statements to Congress. However, market reactions suggest this is more of a power struggle: the Trump administration has long advocated aggressive rate cuts to stimulate the economy, while Powell has upheld the principle of Fed independence, refusing to be swayed by political pressure. The longstanding opposition between the two on rate cuts has been evident, and the sudden initiation of the investigation, with its timing, is unlikely to be coincidental.

After the news was announced, the market reacted strongly—spot gold surged 2%, breaking through $4,600; U.S. stock futures plummeted by 200 points; and the dollar index fell below the 99 level. Investors are evidently reassessing the certainty of Fed policies and the risks to its independence.

This incident raises a sharp question: will central bank policies become tools of politics? If Fed decisions begin to be influenced by judicial and political pressures, the stability of global financial markets will face new challenges. In the short term, volatility in risk assets like $BTC, $ETH, and others may increase, and investors should closely monitor subsequent developments and their impact on liquidity conditions.