Overview
- Grand-jury subpoenas were delivered to the Federal Reserve tied to Jerome Powell’s June testimony on building renovations, with the Fed chair calling the rationale a pretext.
- The U.S. Dollar Index fell about 0.37% to 98.759 as the euro, Swiss franc and yen strengthened, and U.S. equity futures and Treasuries came under pressure.
- Gold briefly topped $4,600 an ounce and silver hit a record near $84, reflecting a flight to perceived havens during the latest political and policy uncertainty.
- Shares of major credit-card issuers dropped roughly 5%–9% after President Trump proposed a temporary 10% cap on credit-card interest rates.
- Lawmakers from both parties criticized the escalation, Trump said he was unaware of any DOJ probe, and investors are watching Tuesday’s U.S. CPI and the Fed’s late-January meeting for direction.