DLS MARKETS：美联储鸽派基调延续，加拿大央行警示美元避险地位动摇

Core Viewpoint - The US dollar is experiencing weakness due to ongoing expectations of interest rate cuts, with the Federal Reserve's dovish stance contributing to a lack of bullish momentum [1][3][4]. Group 1: Federal Reserve Insights - Federal Reserve officials, including Cleveland Fed President Loretta Mester, express concerns about persistent inflation pressures and the challenges of balancing inflation control with employment support [3]. - Fed Chair Jerome Powell describes the current economic situation as "challenging," emphasizing the risks of either too rapid or too slow policy adjustments [3]. - The market is closely monitoring the upcoming August Personal Consumption Expenditures (PCE) price index, which is expected to show some easing of inflation pressures [3]. Group 2: Dollar's Safe-Haven Status - Canadian central bank Governor Tiff Macklem highlights concerns over the independence of the Federal Reserve, which is diminishing the dollar's appeal as a safe-haven asset [4]. - Historical trends indicate that during periods of market turmoil, investors typically seek refuge in dollar assets, but this pattern is changing, with the dollar's safe-haven value potentially weakening [4]. - Macklem notes that the dollar depreciated by approximately 10% during significant shifts in US trade policy, while gold prices surged by 40% during the same period [4]. Group 3: Political Influences - The Trump administration has criticized the Federal Reserve for its slow pace of interest rate cuts, leading to tensions regarding the independence of the central bank [5]. - Legal challenges regarding the potential removal of Fed Governor Lisa Cook are ongoing, reflecting the political pressures faced by the Federal Reserve [5].