The Chairman of the Federal Reserve, Jerome Powell, has recently become embroiled in a whirlwind. Political pressure continues to escalate, and the U.S. Department of Justice has even issued threats of criminal prosecution. The market is highly sensitive to this, as everyone is pondering a core question: Can the central bank's independent decision-making authority still be maintained?

This is no small matter. Once the independence of the Fed is weakened, the credibility foundation of the entire dollar system will be shaken. The market's reaction has already been quite straightforward.

First, let's look at the dollar. The US dollar index has clearly weakened, and investors are beginning to worry that political interference will undermine confidence in the dollar system. The performance of USDT also reflects this anxiety.

Next, gold. Prices are rising. This is typical—when policy outlooks are uncertain and institutional risks emerge, safe-haven funds tend to flow into gold. Gold assets like PAXG have attracted a lot of capital.

On the U.S. Treasury side, long-term yields are rising. Essentially, the market is saying: If you interfere politically with the central bank, I require a higher risk premium to hold U.S. debt.

Ultimately, the market's reaction is not about a single legal event, but a concern over a deeper issue—can the central bank still independently set interest rates? If this is lost, the pricing logic of dollar assets will be overturned. This is the real reason behind the shift in capital flows. For traders, this means closely monitoring the subsequent trends of the dollar, gold, and bonds.