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Justice Department's move and Powell's tough response foreshadow an escalation of the already tense battle between the White House and the Federal Reserve into an open war. This development has heightened concerns about political interference in monetary policy—concerns that have driven gold to record highs and the DXY to its lowest level in three weeks.

Corporate, bank, and other financial services stocks fell sharply following Trump's warning to credit card issuers. Trump told reporters on Sunday that lenders would be "breaking the law" if they didn't cap interest rates at 10%. Capital One (COF) shares fell 7%, leading the decline in early trading. Shares of Citigroup (C) and JPMorgan Chase (JPM) also fell, a poor start to the week as major banks prepare to kick off earnings season.