there are rumors that Trump is trying to dismiss Federal Reserve Chairman Jerome Powell, causing traders to sell the dollar against major currencies. Due to concerns about the independence of the Federal Reserve being threatened, traders are selling the dollar, pushing up the prices of Bitcoin and gold. With the US dollar index falling to a three-year low, Bitcoin surged more than 2%, reaching $87,200, the highest level since April 2. In addition, major altcoins such as XRP, ETH, and ADA also rose by more than 1%, but the increase was lower than that of Bitcoin.
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Dollar plunges as Fed independence threatened
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Economists expect the Federal Reserve to cut interest rates in December, with two more cuts possible in 2026.
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He Lifeng, China's lead for China-US economic and trade relations and Vice Premier of the State Council, held a video call with the US leads, Treasury Secretary Janet Yellen and Trade Representative Katherine Tai. The two sides had in-depth and constructive exchanges on implementing the important consensus reached by the Chinese and US heads of state at the Busan meeting and the November 24 call, focusing on carrying out pragmatic cooperation and properly addressing mutual concerns in the economic and trade field. Both sides positively evaluated the implementation of the outcomes of the China-US economic and trade consultations in Kuala Lumpur, stating that under the strategic guidance of the two heads of state, they will continue to make good use of the China-US economic and trade consultation mechanism, continuously extend the cooperation list, reduce the list of issues, and promote the sustained, stable, and positive development of China-US economic and trade relations. -
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The yield on the 10-year U.S. Treasury note rose 2 basis points to 4.12%, a new high since November 2020.
yield on the US 10-year Treasury rose 2 basis points to 4.12%, reaching a new high since November 2020. -
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