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Dollar hits January 2024 low amid Fed independence concerns — Bloomberg
The US dollar fell to its weakest level since January 2024 as investors sold American assets following reports that President Donald Trump is considering firing Federal Reserve (Fed) Chair Jerome Powell. US stocks dropped 1%, while Treasury yields rose, Bloomberg data showed.
Kevin Hassett, director of the US National Economic Council, confirmed the possibility of Powell’s removal as central bank chief before his term ends, heightening concerns over the Fed’s independence. Analysts warn that such a move could erode confidence in the dollar and US markets.
The yen and euro gained against the weakening dollar, with strategists such as Win Thin of Brown Brothers Harriman forecasting further declines. Trade tensions fueled by Trump’s tariff policies were cited as a key factor in the dollar’s slump.
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