The Federal Reserve Chair has recently become the focus of a criminal investigation. The Office of the U.S. Attorney for the District of Columbia has initiated an investigation into a $2.5 billion renovation project at the Federal Reserve's Washington headquarters.

What appears to be a routine infrastructure project has been problematic from the start. The $700 million budget overrun is just the surface; more critically, there are doubts about the testimony—during a congressional hearing, officials denied that the project included luxury features such as private elevators and marble decorations, claiming that these functions had been cut. However, the prosecutor's office is suspicious of this statement and is investigating potential perjury.

From a market perspective, the impact of this matter should not be underestimated. As the core institution of the global financial system, any risk involving the Federal Reserve's leadership directly affects market nerves. Especially when the investigation involves fund management and the integrity of congressional testimony, it will heighten market concerns over the transparency of monetary policy implementation.

Recently, the global economy faces multiple uncertainties—geopolitical tensions, inflation expectations, and exchange rate fluctuations—all pointing to the critical direction of Federal Reserve policy. If the investigation progresses and affects the stability of policy-making, it could lead to a reassessment of the dollar's policy trajectory, thereby impacting global capital flows.

Is there a more complex flow of funds hidden behind this renovation case? How will the investigation ultimately unfold? For traders focused on macro liquidity, this event warrants ongoing attention.