Donald Trump’s escalating attacks on the Federal Reserve have unsettled financial markets, with investors increasingly concerned about risks to the central bank’s independence and long-term ability to fight inflation.
The US dollar, a proxy for the health of the world’s biggest economy, tumbled 1.2 per cent against a basket of peers on Wednesday immediately after reports saying the US president had asked a group of lawmakers whether he should sack Fed chief Jay Powell. It subsequently pared losses.
Trump later insisted it was “highly unlikely” he would imminently fire the Fed chair, steadying the dollar, but the incident highlights how the president’s intensifying criticism of Powell is affecting markets.
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