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Yesterday, reports came out that US President Trump had reportedly accused Fed Chair Jerome Powell of not proving the ‘cheap money’ head he expected when nominating him, notes the research team at Danske Bank.

Key Quotes

“While it is not the first time Trump has expressed dissatisfaction with rate hikes, it breaks the long-standing tradition of no political interference with monetary policy. USD and US yields came under pressure on the back of alleged criticism, where the 2Y-10Y curve flattened to new lows.”