Strategist: The controversy surrounding the independence of the Federal Reserve may continue.

Pepperstone's Senior Research Strategist Michael Brown stated that the global markets seem to no longer be concerned about the independence of the Federal Reserve's policies, and have instead refocused on more fundamental driving factors. However, this storm is definitely not over. Brown said earlier this week, although there were no new developments regarding the Department of Justice subpoenas, the market did see President Trump refer to Federal Reserve Chairman Powell as "incompetent" or "not upright," which at least can't be considered as strong support. Concerns about the erosion of policy independence may persist for a considerable amount of time, but unless the situation escalates further, market participants may be able to shake off these concerns in a relatively short period of time.