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The US dollar dropped to a three-year low after reports surfaced that Donald Trump might announce Jerome Powell's replacement as Federal Reserve chair earlier than expected, possibly as early as this summer. Trump has repeatedly criticized Powell for not lowering interest rates fast enough. The early announcement could allow Trump's chosen successor to influence interest rate expectations, potentially undermining Powell's remaining term. Potential replacements include Kevin Warsh, Kevin Hassett, and Scott Bessent. Trump's actions raise concerns about the Fed's independence.

Prepared by Christopher Adams and reviewed by editorial team.