Powell Investigation: Futures Fall, Gold & Silver Rise
Powell Under Examination, futures Fall
U.S. equity futures dropped sharply Sunday night after Federal reserve Chair Jerome Powell revealed he is under investigation regarding his testimony last June concerning renovations to Federal Reserve buildings. The news rattled markets and revived concerns about potential political interference with the central bank.
The New York Times reported the investigation and Powell’s disclosure, sparking fears that former President Donald Trump’s past attempts to pressure the Federal Reserve could escalate into a direct challenge to its independence.
Nasdaq 100 futures experienced the steepest decline, falling approximately 0.8%, as technology stocks, sensitive to interest rate changes, led the selloff. S&P 500 futures were down around 0.5%, and Dow Jones Industrial average futures decreased by about 0.4%, based on late-evening trading.
investors turned to safe-haven assets. Gold futures increased 1.7% to approximately $4,578 per ounce,and silver rose more than 4%,indicating a renewed need for protection against political and monetary uncertainty. the U.S. dollar slightly weakened against currencies like the Swiss franc and Japanese yen.
Powell has largely stayed silent on the matter since the investigation became public. Further details are expected to emerge in the coming days.