The Federal Reserve has a major news development brewing.

Overseas media reports that Federal Reserve Chair Jerome Powell is facing an investigation focused on the budget details of the Fed's headquarters renovation project. The issue doesn't seem big, but the timing is impeccable—Powell's term isn't ending until 2026, and the market is extremely sensitive to interest rate movements right now.

The result is straightforward: the market reacts incredibly quickly and in perfect unison. This isn't emotional volatility; it's pricing in "uncertainty."

Just look at what has happened in the past few hours.

**Dollar Slams on the Brakes**

The US dollar index sharply reverses downward, breaking its previous rally. Why? Simple—when the predictability of monetary policy is called into question, the market begins to reassess. The Fed's policy itself hasn't changed, but the market's "confidence index" short-term has taken a hit.

**US Stock Futures Head Lower**

US stock futures are broadly pressured, with volatility clearly rising. The biggest fear in the stock market has never been high interest rates per se, but rather not understanding how rates are determined. When the policy's implementation logic becomes fuzzy, capital becomes cautious.

**Gold Shows Signs of Rallying**

Gold's rise is straightforward—classic safe-haven sentiment. When macroeconomic signals indicate "increased difficulty in judgment," assets without credit risk naturally attract funds. This is the market's instinctive response.

The chain reaction among the three major assets tells you that the market isn't reacting to a single event itself, but is digesting uncertainty at the institutional level. Once there's a conclusion on Powell's situation, perhaps the market can find some stability.