The dominance of the US dollar is under pressure, and the independence of the Federal Reserve is being tested.

The criminal investigation of Federal Reserve Chairman Powell is seen globally as an attempt by the Trump administration to seize control of monetary policy, which could undermine investors' confidence in the US financial system and the dollar. Some economists point out that such actions are eroding the institutional framework of the United States, reducing the attractiveness of holding the dollar as a safe asset, while at the same time giving new policy importance to the internationalization processes of other currencies. The dominance of the dollar is partly due to its stable political environment and deep government bond market, but if central bank independence is compromised leading to uncontrolled inflation, it could weaken the credibility of dollar assets.