Jerome Powell, the Federal Reserve Chair, defended the Fed's independence amidst political pressure, urging the next chair to avoid involvement in politics. Despite his reassurances, markets reacted negatively, with gold and silver prices reaching record highs while the dollar fell significantly. Powell downplayed the significance of the precious metals rally, asserting the Fed's credibility remains intact. The broader commodities market also saw gains, with platinum and palladium prices rising sharply. In Europe, the euro strengthened against the dollar, while equities showed mixed results.