Criminal Probe Sought For Fed Chair Powell Over Perjury Claims

Summary:

Jerome Powell, the Federal Reserve Chair, is facing a criminal referral over alleged perjury during testimony on Fed headquarters renovations. The matter could affect stability in financial markets, with potential changes influencing monetary policy direction.

What to Know:

● Probe into Powell's testimony on Fed building renovation costs.

● Impacts on financial markets remain unclear.

● Potential leadership changes could affect monetary policy.

Powell's Testimony and Market Reactions

Lawmaker Accuses Powell of Misleading Congress Over Renovation

Rep. Anna Paulina Luna has initiated a criminal referral against Jerome Powell for alleged perjury concerning the $2.5 billion renovation of the Federal Reserve Building. Powell, appointed Fed Chair in 2018, allegedly misled Congress about project details, claimed Luna.

"Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense—especially from someone tasked with overseeing our monetary system and public trust." - Rep. Anna Paulina Luna, Congresswoman

Market Yet to React to Powell Perjury Allegations

The criminal referral has prompted scrutiny of Powell's actions, though financial markets show no immediate reaction. Comments criticize the project's transparency and cost management. Powell confirmed efforts were made to oversee work carefully.

Past Leadership Struggles: Fed Chair History and Impact

Comparatively, disputes between Fed chairs and political figures are rare, with the Nixon-era controversies being similar historical examples. If Powell's leadership ends prematurely, it could unsettle markets and incite volatility, echoing past reactions to abrupt Fed changes.

"We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2917...I will not resign before my term as chair expires." - Jerome Powell, Federal Reserve Chair

Source: CryptoSlate

Risk Warnings and Disclaimers

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MarketPulse by OANDA Group

Economic

Forex

Stocks

It has been the second day where North Americans see no particular market-moving data after last week's key releases, but this hasn't stopped the session from being volatile.Today has seen some heavy reshuffling in stocks from Tech and Semiconductor Sectors to Healthcare, FInancial and Real Estate sector in what seems to be some closing of positions as we approach the Key earnings releases for some of the biggest names in American Markets: Tesla and Google earnings are awaited tomorrow.

The Nasdaq closes down 0.60% and the Dow up 0.40% –Even the Russell 2000 has seen some new flows towards the smaller-cap index in the session.Except for these reshufflings, some further fears of FED's Powell getting ousted before the end of its term, some Hawkish RBA Minutes and a rejection of the top in USDJPY, the Greenback has been getting hammered.Metals have also had a strong day, particularly with Gold, up close to 1.50% on the session, being back to $50 from its all-time highs. Palladium, Silver and Copper also have had a decent performance.Other commodities and cryptos have been a bit more mixed in what seems to be more profit taking after a streak of good days.

Daily Cross-Asset performance

USD Corrects Further and Equities Reshuffle – Market Wrap for the North American Session - July 22_1

Cross-Asset Daily Performance, July 22, 2025 – Source: TradingView

Ether is now the worst performing asset on the session with the ongoing general profit-taking seen in markets (same for Nasdaq), leaving some space for Bitcoin, Gold and US Treasuries to rally back.The USD and European stocks have also seen quite a retracement today.

A picture of today's performance for major currencies

USD Corrects Further and Equities Reshuffle – Market Wrap for the North American Session - July 22_2

Currency Performance, July 22 – Source: OANDA Labs

The US Dollar had started the session on strong selling, particularly profiting to the Yen but the Japanese currency actually gave up some of its strength towards the NA afternoon.The CHF and NZD which had lost some ground since the past week finish the session on top of majors.

Earnings Season: Who is releasing their numbers tomorrow

USD Corrects Further and Equities Reshuffle – Market Wrap for the North American Session - July 22_3

Earnings Calendar for July 23rd – Source: Nasdaq.com

Expect big names tomorrow, with AT&T releasing earnings at the pre-open, Google and Tesla will be releasing their own numbers after the close.

A look at Economic Data releasing in tomorrow's session

USD Corrects Further and Equities Reshuffle – Market Wrap for the North American Session - July 22_4

Tomorrow's economic data releases should be relatively thin, with another focus on Australian data with their own PMI releases in the evening session at 19:00 and RBA Governor Bullock speaking at 23:05.Still, do not forget the mid-tier Exisiting Home Sales at 10:00 A.M. in the US, but tends to not be a major market mover.

Source：OANDA

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Isaac Bennett

China–U.S. Trade War

US President Donald Trump said he had reached a trade deal with Japan on Tuesday.

Under the new terms, the US will place a 15% tariff on goods imported from Japan, down from a previously threatened 25% tariff.

"This deal will create hundreds of thousands of jobs — there has never been anything like it," Trump posted on Truth Social.

He added that the United States "will continue to always have a great relationship with the country of Japan."

After Trump's post, Japanese Prime Minister Sherigu Ishiba said he was ready to meet or speak over the phone with Trump after being briefed on the details by Japan's top trade negotiator Ryosei Akazawa, who has been in Washington for talks.

Source: DW

Risk Warnings and Disclaimers

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Frederick Miles

When we talk about a Europe trade deal, we’re referring to the intricate economic relationship between the United States and the European Union. These two economic giants represent a substantial portion of global GDP and trade. Historically, their trade relations have been complex, marked by periods of cooperation and tension over various issues, including tariffs, subsidies, and regulatory standards. An update, especially one coming from a figure like Donald Trump, signals potential shifts that could redefine these dynamics.

Why is this significant? Consider these points:

● Economic Interdependence: The U.S. and EU are major trading partners. Changes in their trade agreements can affect supply chains, manufacturing, and consumer prices globally.

● Market Stability: Trade certainty (or uncertainty) directly influences investor confidence. A stable trade environment generally fosters growth, while disputes can lead to market volatility.

● Currency Fluctuations: Trade policies can impact the strength of the dollar and the euro, which in turn affects international investment and commodity prices.

The original report, as cited by South Korean news outlet Edaily, simply stated that an update on a trade deal with Europe would be announced. This brief statement, however, opens up a world of speculation and anticipation about what specific details might be revealed and how they could shape the future of international commerce.

What Could an Update to the Europe Trade Deal Entail?

Given the history of U.S.-EU trade relations, an ‘update’ could cover a wide spectrum of possibilities. It might range from minor adjustments to existing agreements to more substantial shifts in policy. Here are some potential areas an announcement could touch upon:

Tariffs and Trade Barriers

One of the most common points of contention in trade negotiations revolves around tariffs. During his presidency, Donald Trump often utilized tariffs as a negotiating tool. An update could signify:

● New Tariffs: The imposition of new tariffs on specific European goods, aiming to protect domestic industries. This could lead to retaliatory tariffs from the EU.

● Reduced Tariffs: A move towards reducing or eliminating existing tariffs, signaling a more cooperative approach and potentially boosting trade volumes.

● Non-Tariff Barriers: Discussions might extend to non-tariff barriers, such as regulatory alignment, technical standards, or sanitary and phytosanitary measures, which can also impede trade.

Sector-Specific Agreements

Trade deals are often granular, focusing on specific sectors. An update on the Europe trade deal might highlight progress or changes in areas like:

● Agriculture: A historically sensitive area, with differing standards and subsidies.

● Automotive Industry: A major sector where tariffs have been a recurring threat.

● Digital Services: The burgeoning digital economy and data privacy regulations are increasingly becoming focal points in international trade discussions.

● Energy: Cooperation or competition in energy markets, including liquefied natural gas (LNG) exports.

Dispute Resolution Mechanisms

A crucial part of any trade agreement is how disputes are resolved. An update might address modifications to existing mechanisms or propose new ones to ensure smoother trade relations and prevent prolonged conflicts.

Concluding Thoughts: Awaiting Clarity on the Europe Trade Deal

The announcement of an update on the Europe trade deal from Donald Trump, while brief, carries substantial weight for global economics. Its implications, though indirect, are certainly relevant to the cryptocurrency market, which is increasingly sensitive to traditional financial market movements and investor sentiment. Whether it signals a period of renewed cooperation or heightened trade tensions, the details will undoubtedly shape economic narratives for the foreseeable future.

Source: CryptoSlate

Risk Warnings and Disclaimers

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Olivia Brooks

Political

Economic

China–U.S. Trade War

Trump Announces Trade Deal With Japan, Including 15% Tariff_1

U.S. President Donald Trump on Tuesday announced a trade deal with Japan that he said will result in Japan investing $550 billion into the United States and paying a 15% reciprocal tariff.

In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items.

"This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said.

Trump's announcement follows a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday, according the Asahi newspaper.

The newspaper also reported that Akazawa held meetings with U.S. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.

Source: Yahoo Finance

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Olivia Brooks

Political

Economic

President Trump on Tuesday said the US had reached a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

The White House also unveiled new details of a confirmed trade agreement with Indonesia. Yahoo Finance's Ben Werschkul reports that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. Officials said no tax would apply to "99%" of US imports.

The deal developments come as prospects for larger pacts with India and the European Union have soured. An interim deal between the US and India before an Aug. 1 deadline looks increasingly unlikely, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.

Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.

“If they want war, they will get war,” a German official told the WSJ.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. He has threatened 30% tariffs on all imports.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves.

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.

Source: Yahoo Finance

To stay updated on all economic events of today, please check out our Economic calendar

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Manuel

Cryptocurrency

Crypto prediction market Polymarket is considering launching its own stablecoin to gain control over the interest-bearing reserves currently backing USDC deposits on its platform, CoinDesk reported, citing sources familiar with the matter.

The deliberations reflect a broader industry trend as platforms seek to internalize stablecoin-related revenue, particularly in closed ecosystems.

The source told the news outlet that Polymarket is evaluating two paths: introducing a proprietary stablecoin for internal use or entering into a revenue-sharing arrangement with Circle, the issuer of USDC.

Polymarket has not yet made a final decision, a company representative confirmed to CoinDesk.

Since Polymarket operates a closed-loop system, where users trade prediction markets using stablecoins without external payment flows, creating a native dollar-pegged token would require minimal infrastructure changes.

Users could easily convert existing USDC or USDT into the new token, keeping the liquidity and reserve yield within the platform.

The U.S. regulatory environment for stablecoins improved last week with the passage of federal legislation providing a legal framework for issuers. The development has made stablecoin issuance a more viable and appealing strategy for both crypto-native firms and traditional finance players.

Circle has reportedly been offering revenue-sharing agreements to partners such as exchanges and payment providers to maintain competitive positioning. Spokespeople for Circle did not respond to a request for comment.

Polymarket, recently valued at over $1 billion, has seen a surge in activity, including $8 billion in volume during the last U.S. election cycle and over 15 million website visits in May, according to SimilarWeb data.

The company is also preparing to expand its U.S. presence through the acquisition of QCEX, following the resolution of legal issues tied to previous U.S. user activity.

By potentially launching its own stablecoin, Polymarket would join a growing list of platforms seeking to bring value capture closer to the application layer, a shift that could redefine the economics of blockchain-based financial services.