Following news of the investigation into the Federal Reserve, JPMorgan Chase's trading arm adopted a "cautious" stance on US stocks.
JPMorgan Securities trading department stated that the recent latest blow by the Trump administration to the Federal Reserve's independence poses at least a short-term threat to the U.S. stock market. News about the Federal Reserve facing a criminal investigation shocked the U.S. market on Sunday night, causing stock index futures and the dollar to fall, with funds flowing into safe-haven assets such as gold. Andrew Taylor, JPMorgan's global market intelligence head, said: "Although macro and corporate fundamentals support a tactical bullish stance, the risks to the Federal Reserve's independence form a cap on the market, so we remain cautious in the very short term. Risks surrounding the Federal Reserve's independence may cause the U.S. market to underperform in the short term."
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