Fed Chair Jerome Powell revealed that the U.S. Department of Justice has issued grand jury subpoenas tied to his congressional testimony last summer, a move he described as a pretext to intensify pressure on the Federal Reserve to cut interest rates. The development marks a sharp escalation in the long-running friction between Powell and the Trump administration, and it raises fresh questions around central bank independence.
Markets tend to react quickly when policy credibility is tested. We’ve already seen sensitivity across rates, FX, and commodities whenever Fed pressure headlines surface not unlike how crypto responds to regulatory or liquidity shocks.
That crossover is becoming more visible on the trading side too. Platforms are already expanding TradFi perpetual futures access to assets such as forex, commodities, stocks, and indices, letting traders react to macro events using the same mechanics they’re used to in crypto.
When politics, policy, and markets collide, flexibility matters and the line between TradFi and crypto continues to blur. (B:ngx)