PREVIEW

Pound Surges as Trump Stirs Dollar Concerns Over Fed Leadership. The pound briefly soared to its highest level against the dollar in nearly four years, reaching above $1.37, following reports that President Donald Trump might accelerate the process of replacing Jerome Powell as head of the U.S. Federal Reserve. The dollar weakened as markets reacted to Trump’s consideration of naming a new Fed chair by September or October ahead of Powell’s term ending in 2026. Trump has been critical of Powell, calling him “terrible” and suggesting he’s considering several candidates for the position. The President has expressed frustration over the Fed’s interest rate decisions. Meanwhile, the Fed is monitoring potential economic impacts of Trump’s planned tariffs, which could drive inflation higher. The U.S. economy already showed signs of strain, contracting in the first quarter of the year.
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