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Tag: central bank autonomy
The Dollar Decline: Legal and Policy Tensions Amid Soft Economic Data and Trade Uncertainty
The Dollar Decline: The U.S. dollar has weakened to multi-year lows, declining nearly nine percent over the past year as of June 5, 2025 (Reuters). This depreciation coincides with unexpectedly soft U.S. economic indicators—most notably, a contraction in the services sector in May 2025 for the first time in nearly a year—and growing uncertainty over trade policy (Reuters). Simultaneously, debates over Federal Reserve rate cuts have intensified, with markets pricing in almost a ninety-five percent chance of cuts by September 2025, up sharply from under fifty percent in April (Reuters). Against this backdrop, President Trump publicly urged the Fed to lower rates, reigniting concerns about central-bank independence under the Federal Reserve Act of 1913 (12 U.S.C. § 225a) and Congress’s constitutional authority to regulate currency (U.S. Const. art. I, § 8, cl. 5). The dollar’s fall also reflects lingering trade uncertainties surrounding negotiations with China and updated tariff schedules, raising legal questions under the Trade Act of 1974 (19 U.S.C. § 2151 et seq.) and World Trade Organization (WTO) commitments.