TechFlow news, January 12 — According to Jinshi Data, Paul Donovan, Chief Economist at UBS Global Wealth Management, wrote that a criminal investigation into the sitting Federal Reserve Chair could ultimately help strengthen the central bank's independence. Market reactions indicate rising investor concerns about the Fed's ability to manage interest rates without political interference. Although overall asset prices have remained relatively stable, long-term U.S. Treasury yields have risen and the dollar has weakened. Donovan noted that Powell's firm stance may suggest his unwillingness to resign from his position as Fed Governor this year; there are also signs that the U.S. Senate might delay confirming the nomination of a new Fed Chair. He further pointed out that market concerns over central bank independence could translate into a more hawkish force in future monetary policy decisions.
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