In early 2026, the global financial landscape faces significant tension as UBS and the Federal Reserve push back against aggressive government interventions. UBS has formally rejected a Swiss proposal to mandate full capital deductions for foreign subsidiaries, arguing that such extreme regulatory requirements would cripple its international competitiveness and increase costs for domestic clients. Simultaneously, the U.S. Department of Justice has launched a probe into Fed Chair Jerome Powell, sparking bipartisan outrage and warnings that political pressure is threatening the central bank’s independence. While lawmakers move to block new Fed appointments in protest of these criminal investigations, other regulatory bodies are addressing trade and ...