‘Sell America’ Trade Is Revived by Trump’s Latest Fed Attack

The dollar, Treasuries and US equities futures slid after Chair Jerome Powell said the threat of a US criminal indictment was a consequence of a disagreement over monetary policy. While the declines were relatively small, the hot-button issue of the Fed’s independence and the implications for US markets resurfaced in investor debates. “Any development that raises questions about the Fed’s independence adds uncertainty around US monetary policy,” said Gary Tan, portfolio manager at Allspring Global Investments, which oversees more than $600 billion.