Saga Relating to Federal Reserve's Independence Likely to Drag on -- Market Talk

Dow Jones01-14

0655 GMT - The global markets have seemed to move past the issue of Fed policy independence, re-focusing on more fundamental drivers, but the saga has certainly not gone away, says Michael Brown, senior research strategist at Pepperstone. Fresh developments relating to the Justice Department's subpoenas were lacking earlier this week, but the markets did nevertheless have President Trump calling Fed Chair Powell either "incompetent" or "crooked" - hardly a ringing endorsement, to say the least, Brown says. Concerns over the erosion of policy independence will likely linger for quite a while, though barring further escalation, market participants might be able to move past said concerns in a relatively short order. (james.glynn@wsj.com; Twitter @JamesGlynnWSJ)

(END) Dow Jones Newswires

January 14, 2026 01:55 ET (06:55 GMT)

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Fresh developments relating to the Justice Department's subpoenas were lacking earlier this week, but the markets did nevertheless have President Trump calling Fed Chair Powell either \"incompetent\" or \"crooked\" - hardly a ringing endorsement, to say the least, Brown says. Concerns over the erosion of policy independence will likely linger for quite a while, though barring further escalation, market participants might be able to move past said concerns in a relatively short order. 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Fresh developments relating to the Justice Department's subpoenas were lacking earlier this week, but the markets did nevertheless have President Trump calling Fed Chair Powell either \"incompetent\" or \"crooked\" - hardly a ringing endorsement, to say the least, Brown says. Concerns over the erosion of policy independence will likely linger for quite a while, though barring further escalation, market participants might be able to move past said concerns in a relatively short order. 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