Uncertainty over the future of Federal Reserve leadership is putting pressure on the U.S. dollar, according to a note from Bank of America.
The bank says concerns around the Fed’s direction have “arguably impacted the USD more than other assets so far,” preventing the currency from sustaining a rally. With speculation mounting over whether Chair Jerome Powell will remain in his role under a second Trump administration, investors are beginning to price in the possibility of a less restrictive Fed.
Adding to the pressure, President Trump has publicly urged Powell to cut interest rates and even toured Fed headquarters.
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