In a dramatic twist, President Donald Trump is reportedly pushing to remove Fed Governor Lisa Cook, potentially leading to more dovish appointments at the Federal Reserve. This shift could pave the road for looser monetary policy that many investors are anticipating.

Cook, facing the prospect of her dismissal, is ready to contest her firing with fresh arguments in court this Tuesday. Meanwhile, Trump has been vocal in his criticisms of the Fed, taking particular issue with Chair Jerome Powell over the central bank's failure to cut interest rates and even questioning the hefty price of renovations at the Fed's headquarters.

U.S. Treasury Secretary Scott Bessent weighed in on the Fed's independence, acknowledging its need for autonomy but also pointing out that it has "made a lot of mistakes" in recent times.

In the midst of this economic turmoil, gold prices have skyrocketed, hitting an astonishing record high of $3,503.32 per ounce. Investors are flocking to the safe-haven asset as the dollar weakens and expectations mount for lower interest rates in the U.S.

Meanwhile, the oil market is feeling the pressure too. Prices edged upwards as fears around supply disruptions intensified, particularly due to escalating tensions between Russia and Ukraine. As a result, Brent crude rose by 0.35% to $68.40 a barrel, while U.S. West Texas Intermediate crude saw an impressive increase of 1.37%, reaching $64.89 a barrel.

This confluence of economic developments underscores a volatile moment in global markets, with commodities like gold and oil reacting to the shifting political landscape and monetary policy expectations.