The U.S. dollar may come under pressure if the Supreme Court allows President Trump to dismiss Federal Reserve Governor Lisa Cook, Commerzbank’s Thu Lan Nguyen wrote in a note.
She said the ruling could have “far-reaching consequences,” shaping not only the Fed’s independence but also Trump’s broader policy agenda, including tariffs.
Nguyen warned that a Trump victory would make clear that officials resisting his demands for lower rates could face removal. This would raise the likelihood of faster and larger Fed rate cuts, a scenario likely to weaken the dollar.
