Agency: Weak Dollar, Tariff Limits and Federal Reserve Independence Concerns Double Pressure
2025-07-21 07:39:43
The dollar index DXY was sluggish in the Asian session on Monday, mainly dragged down by US tariff policy and doubts about the independence of the Federal Reserve. US Commerce Secretary Lutnik made it clear to CBS News on Sunday that August 1 is the hard deadline for the new tariffs to take effect. The Wall Street Journal reported on the same day that US Treasury Secretary Vincent Bescent has recently stated his interests to US President Trump, urging him not to fire Federal Reserve Chairperson Powell. Trump has repeatedly criticized Powell for being too cautious on interest rate cuts. FPMarkets analyst Aaron Hill pointed out that if Powell is fired, it will shake the independence of the Federal Reserve and cause a major impact on the dollar and US debt. (Jin Ten)
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