An unusual Fed ‘rate check’ triggered a free fall in the U.S. dollar and investors are fleeing into gold
Yahoo Finance·2026-01-26 19:49
The U.S. dollar has been in relative free fall since late Friday after it emerged that the New York Federal Reserve had conducted a rare “rate check” with currency traders on the dollar/Japanese yen exchange rate. Fortune understands that the check was conducted per a request from the U.S. Treasury.The purpose of the move implies that the U.S. government may be considering coordinated action with the Bank of Japan to support the latter’s currency. As a result, traders began selling the dollar, which is now ...