Core Viewpoint - The article discusses the increasing political influence on the Federal Reserve, which is raising the risk premium associated with U.S. dollar assets, prompting investors to reassess their exposure to dollar-denominated investments [1] Group 1: Economic Indicators - The U.S. dollar index is currently at 97.99, reflecting a 0.13% increase from an opening price of 97.87 [1] - The expanding budget deficit and government debt are contributing to the uncertainty in policy direction, which is affecting investor sentiment towards dollar assets [1] Group 2: Federal Reserve and Market Reactions - The market's instinctive reaction to the recent events surrounding Federal Reserve Governor Cook has provided slight support to U.S. short-term Treasury yields [1] - However, if the Trump administration continues to pressure the Federal Reserve to lower interest rates amidst high inflation, this support for yields may not be sustainable [1] Group 3: Market Dynamics - The dollar index is currently oscillating within a range of 97.54 to 98.95, entering a rebalancing phase after a previous upward movement [1] - The rapid increase in the dollar index faced selling pressure near 98.8290, leading to a pullback to around 97.5400, indicating a pattern of "volatility expansion—rapid mean reversion" driven by events [1]

Group 1 - COMEX silver prices have increased significantly, currently trading at $37.20 per ounce, with a rise of 1.10% from the opening price of $36.79 per ounce [1][5] - The highest price reached today was $37.24 per ounce, while the lowest was $36.57 per ounce [1][5] Group 2 - Concerns regarding the independence of the Federal Reserve have been raised, with two-thirds of reserve managers expressing worries about political interference affecting monetary policy [3] - Since President Trump took office, his public criticism and pressure on the Federal Reserve have led to a reassessment of the dollar's reliability as a safe-haven asset [3] - Approximately 35% of central banks surveyed believe the U.S. may require allies to convert medium- to long-term debt into ultra-long-term zero-coupon bonds, reflecting concerns over U.S. debt management strategies [4] - Despite these concerns, nearly 80% of respondents expect the dollar to maintain its status as the global reserve currency, with the dollar currently accounting for 58% of global foreign exchange reserves [4] - However, 29% of central banks plan to reduce investments in U.S. assets in the future, indicating a gradual decline in the attractiveness of dollar-denominated assets [4]