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Some Trump Allies Stunned by Subpoena of Powell, Sparking Wall Street Jitters
BlockBeats News, January 12th, according to sources familiar with the matter, some of Trump's allies were shocked by the Trump administration's decision to subpoena Powell. They are concerned that legal battles against Federal Reserve Chairman Powell could disrupt the bond market. They are also worried that this could make Powell unwilling to leave the Fed after his chairmanship ends in May. Powell can remain on the Fed's board of governors until 2028, and he has not indicated whether he intends to follow the traditional exit from the Fed.
Reportedly, Trump's aides and allies are assessing the consequences of action against Powell and its potential unintended effects. Issues include how Wall Street will react after Monday's opening—the bond market is likely to see this as a threat to Fed independence. This also brings uncertainty to Trump's efforts to replace Powell with a new leader.
Evercore ISI analysts said in a report that they "are shocked by this deeply disturbing development, which threatens the central bank's independence. This is undoubtedly a flight to safety. We expect the U.S. dollar, bonds, and stocks to all fall in U.S. trading on Monday, similar to the peak of the tariff impact in April last year." (Jin10)
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