Stocks: Investors got a look at a world where the dollar isn't a reliable reserve currency

Markets sold off worldwide after President Trump announced plans to fire Fed governor Lisa Cook and threatened steep tariffs on China, raising fears about Fed independence and the dollar’s role as a reserve currency. S&P futures were down this morning. But some hopes emerged as investors focused on the Fed’s institutional strength.

There was a global selloff in the markets today and every major index—U.S. futures, Asia and Europe—were down this morning. Two major factors are driving the negativity: President Trump’s announcement last night that he will fire U.S. Federal Reserve governor Lisa Cook, thus calling into question the economic independence of the world’s most important central bank; and Trump remarking that he may impose 200% tariffs on China if Beijing restricts the U.S.’s acc