The Power Shock: Trump vs. Powell and the Future of the Dollar
The global financial market entered a state of alert in January 2026. What began as public sparring has evolved into an institutional crisis threatening the independence of the Federal Reserve (Fed) and the stability of risk assets.
#The Investigation as a Political Weapon
The tension exploded after the Department of Justice (DoJ) launched a criminal investigation against Jerome Powell, alleging irregularities in testimony regarding reforms at the Fed's headquarters. In a historic and direct response, Powell labeled the action a "pretext" to intimidate the central bank and force aggressive interest rate cuts that would benefit Trump's economic agenda.
#Direct Impact on Markets
This battle has created a financial "see-saw" scenario:
Equities and Bonds: Increased political uncertainty caused equities to retreat from recent record highs, while Treasury yields rose, reflecting fears of uncontrolled inflation should the Fed lose its independence.
Gold and Silver: Both reached all-time highs ($4,600 and $84, respectively) this week, as investors seek refuge against potential dollar devaluation.
Cryptocurrencies: Bitcoin (BTC) demonstrated resilience, jumping to around $97,000. The market sees the conflict as evidence of the "debasement" thesis (currency devaluation), driving BTC as an alternative to the politically pressured banking system.
What to expect from crypto assets?
While BTC benefits from the "digital safe haven" narrative, altcoins depend on global liquidity. If Trump wins the standoff and forces low interest rates, we could see a liquidity surge; however, if the institutional crisis triggers systemic panic, the short term will be one of correction.