Odaily Planet Daily reported that UBS Chief Economist Paul Donovan wrote that initiating a criminal investigation into the sitting Federal Reserve Chair could ultimately help strengthen the central bank’s independence. Market reactions indicate that investors’ concerns about the Fed’s ability to manage interest rates without political interference are rising. Although overall asset prices have not fluctuated significantly, long-term US Treasury yields are rising, and the dollar is weakening. Donovan stated that Powell’s tough stance may mean he is unwilling to resign from his Fed board position this year; at the same time, there are signs that the US Senate may delay confirming the nomination of a new Fed Chair. He also pointed out that concerns about the central bank’s independence could translate into a hawkish bias in future monetary policy decisions. (Jin10)
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