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After the Fed meeting, which was the outgoing chair Powell's last as chair, Treasury Secretary Scott Bessent criticized his decision to remain on the Federal Reserve Board of Governors, saying it amounted to a break with Fed traditions.
"It's highly unusual for someone who says he's an institutionalist and cares about norms at the Fed," Bessent said, commenting on Powell's actions. "This is a violation of all Federal Reserve norms." He emphasized that moving from the chairmanship to the position of a board member, without any cooling-off period, is an unprecedented step that could undermine the authority and independence of the central bank.
Bessent expressed concern that this decision could set a precedent for future chairs, encouraging them to remain on the board after their term as chair ends. The Treasury Secretary believes that such a practice weakens institutional norms, which play a key role in ensuring the stability and predictability of Fed policy. He called for stricter adherence to established traditions, which, in his view, serve the interests of the economy and the financial system.
Recall that on Wednesday, Powell announced he would remain on the Board of Governors for an unspecified period after Kevin Warsh, President Donald Trump's nominee to succeed Powell as chair, is confirmed by the Senate and takes office. Powell's decision to stay on the board follows numerous legal attacks on the Federal Reserve.
Bessent also said that the move amounted to an "insult" to Warsh and to governors Michelle Bowman and Christopher Waller, whom Trump had appointed.
Markets showed little reaction to the Treasury Secretary's attacks, as there were already other anchoring factors in play.
Technical picture for EUR/USD
Regarding the current technical picture for EUR/USD, buyers should now consider how to take the 1.1735 level. Only this will allow a test of 1.1750. From there, a move to 1.1775 would be possible, but achieving that without support from major players will be rather difficult. The most distant target is the high at 1.1790. In the event of a decline only to around 1.1710, I expect serious action from large buyers. If there is nobody there, it would be prudent to wait for a refresh of the low at 1.1685, or to open long positions from 1.1655.
Technical picture for GBP/USD
As for the current technical picture for GBP/USD, pound buyers need to take the nearest resistance at 1.3620. Only this will allow a target of 1.3650, above which breaking through will be rather difficult. The most distant target is the 1.3680 area. In the event of a fall, bears will try to seize control at 1.3570. If they succeed, a break of the range will deal a serious blow to bulls' positions and push GBP/USD toward the low at 1.3550, with the prospect of reaching 1.3525.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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