U.S. Subpoenas Shift Focus to Fed Independence, Pressure Dollar -- Market Talk

Dow Jones01-12

0208 GMT - The U.S. Justice Department's grand jury subpoenas delivered to the Fed shift the narrative from "process and paperwork," to independence and credibility, Saxo Markets' Charu Chanana says in an email. Markets also price in an institutional risk premium even before any actual policy changes, says the chief investment strategist. An "institutional risk" narrative is likely to pressure USD and could push flows toward CHF and JPY, she adds. USD/CHF falls 0.3% to 0.7984 and USD/JPY drops 0.2% to 157.72, FactSet data show. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

January 11, 2026 21:08 ET (02:08 GMT)

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