Asian equities edge higher as U.S. Federal Reserve is subpoenaed

Asian markets rose and the dollar slipped after the U.S. Justice Department issued grand jury subpoenas related to the Federal Reserve; Fed Chair Jerome Powell said the move reflected presidential pressure.

Asian equities posted modest gains while the dollar eased after reports that the U.S. Justice Department had issued grand jury subpoenas involving the Federal Reserve. Fed Chair Jerome Powell confirmed the subpoenas and described them as tied to pressure from President Donald Trump over interest-rate policy. The subpoenas relate to Powell's June Senate testimony about a renovation project for Federal Reserve office buildings. Markets were also digesting recent U.S. economic data showing softer job gains. Key points: - The U.S. Justice Department issued grand jury subpoenas to the Federal Reserve concerning Powell's June Senate testimony. - Fed Chair Jerome Powell said the subpoenas were linked to presidential pressure and warned that criminal charges were being threatened as a result of the Fed setting policy independently. - Market moves included Asian indices rising in early trade, the dollar falling about 0.2% versus major peers, and gold gaining roughly 1.5%. Summary: The subpoenas have raised concerns about central bank independence and coincided with modest market and currency movements. Undetermined at this time.