No independence at the DOJ, says former Dallas Fed president Richard Fisher

Summary

Former Dallas Fed President Richard Fisher criticized the DOJ's criminal investigation into the Federal Reserve, saying the Justice Department lacks independence and that the probe may backfire on the Trump administration. He argued Powell has the upper hand and likely will not leave his governor seat, while warning the investigation undermines Fed independence and the next chair's authority. Fisher also pointed to gold and silver gains as signs the market is nervous and shaken by the episode.

• Richard Fisher reacts to the DOJ investigation into the Federal Reserve and Chair Powell.
• Fisher says the DOJ is not independent and the probe may politically backfire.
• Fisher believes Powell has the upper hand and FOMC support, making an early exit unlikely.
• Fisher warns the probe undermines Fed independence and the authority of the next Fed chair.
• Fisher cites gold up 6.2% and silver up 18% as evidence of market nervousness, while setting aside platinum's industrial-driven gain.
• Fisher mentions Trump's weaker MAGA support and policy talk on credit-card limits and home prices as political context.
• No explicit stock, sector, or Fed policy trade is recommended beyond the precious-metals signal.