White House pressure on former Fed Chair Jerome Powell to resign is sparking fresh concern over @​federalreserve independence. An internal watchdog criticized management of a $2.4B headquarters renovation, but found no criminal wrongdoing. Powell retains his policy vote with the benchmark rate at 3.75%. Yields reacted swiftly: the 10-year Treasury hit 5.24% as of Oct 1. Political friction creates an overlay of risk for bonds, currencies, and equities. $SPY $QQQ $IWM Seeking Alpha's macro analysis: political noise creates volatility, but investors must focus on the hard data of rising borrowing costs. Is Fed independence the next market risk? ▻