[UBS Chief Economist: Concerns Over Fed's Independence May Lead to a Hawkish Stance] Odaily Planet Daily News – UBS Chief Economist Paul Donovan wrote that the criminal investigation into the sitting Federal Reserve Chair might ultimately help strengthen the central bank's independence. Market reactions indicate that investors are increasingly concerned about the Fed's ability to manage interest rates without political interference. Although overall asset price volatility remains limited, long-term U.S. Treasury yields have risen, and the dollar has weakened. Donovan stated that Powell's tough stance might suggest he is unwilling to resign from his position as a Fed governor this year. Meanwhile, there are signs that the U.S. Senate may delay confirming the nomination of a new Fed Chair. He also pointed out that market concerns over central bank independence could translate into a hawkish force in future monetary policy decisions. (Jin10)