Fed chief Jerome Powell shrugged off pressure from the President who has laid siege to the central bank with his demands for cuts. Powell also defended the bank’s independence and role in maintaining the credibility of monetary policy. Yesterday, the dollar regained some ground but the ructions over the Fed will continue to be closely watched by traders. ‘A growing public tussle between monetary independence and fiscal authority has brought the Fed’s institutional credibility into sharper focus. ‘That independence remains a cornerstone of global confidence in the dollar, US Treasuries and American capital markets more broadly.’