The Cost of Chaos

Trump’s rumoured plan to fire Federal Reserve (Fed) Chair Jerome Powell sent markets into a frenzy — a sharp selloff followed by a sudden rebound. The dollar tanked, yields dropped, and traders braced for impact before Trump walked it all back, saying he was only ‘discussing it in concept.’ But the damage is long done: questions about Fed independence, market credibility, and policy chaos are back on the table. In this episode, we unpack the political drama shaking the markets, why the Fed’s credibility matters more than ever, and what could be next for the dollar, Treasuries, and risk assets. Elsewhere, we also discuss strong bank earnings, and what to expect from Google’s upcoming hardware launch. As volatility creeps back in, we ask: is the Fed still the market’s safety net — or is that illusion breaking down? Listen to find out more!