US dollar bulls are having a rough 2025 as Donald Trump’s determination to sabotage the world’s reserve currency grows by the day.
The US president started the year threatening to fire Federal Reserve Chair Jerome Powell. And to limit the Fed’s latitude to make monetary policy decisions independent of the White House.
Next, Trump’s tariffs spooked the US Treasury market in unprecedented ways, pushing 10-year yields above 4.8% for a time in April. The turmoil spread around the globe, hitting the Japanese government bond market hardest.
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