A criminal probe into Jerome Powell has turned a long-running rate dispute into a high-stakes test of Federal Reserve independence.

November’s CPI delivered one of the largest downside surprises in years, but markets are treating the data as a signal to scrutinize, rather than a conclusion to embrace.

Jerome Powell’s Jackson Hole speech marked a turning point. He signaled that rate cuts are likely ahead, reshaping markets and setting the stage for crypto’s next move.