#CommunityAMA Dollar Slides to Multi-Year Lows amid Fed Credibility Concerns The U.S. dollar dropped sharply as President Trump’s threats to replace Fed Chair Powell reignited fears of political interference and undermined central bank independence. Risk assets rallied while bond yields declined, pressuring the dollar. Market-implied probability for a July rate cut rose to ~25%, with nearly 64 basis points of cuts priced by year-end .