Hedge Fund Mogul Warns: If Fed Becomes a "Puppet," US Faces Epic Punishment

Odaily News: David Picton, head of Picton Investments, stated that if US President Trump appoints a Federal Reserve chair perceived as overly compliant, the bond market will swiftly punish the United States. He added that precious metals remain a good tool for hedging against political volatility, noting "there is a certain correlation between the number of posts Trump makes and the performance of currency devaluation trades (i.e., gold, silver, and these commodity-based hedges)." Picton's firm manages approximately C$16.6 billion (around $11.9 billion) in assets. He expressed that he does not believe the Fed will ultimately lose its independence, but Trump's repeated verbal attacks on Powell are "extremely unhelpful." (Jin10)