Swiss bank: The latest dramatic events between Trump and the Federal Reserve have once again raised market concerns.

Raiffeisen Bank analyst Ipek Ozkardeskaya stated that the dismissal of Federal Reserve Board member Liza Cook by President Trump has put the markets on edge, preventing the dollar from rebounding as people expect Cook to be replaced by a stubborn rate-cut advocate. Cook had previously been outspoken about the impact of tariffs on inflation, suggesting that tariffs could push prices higher and force policymakers to keep interest rates higher for longer, complicating the Fed's job. The dramatic dismissal of Cook has reignited concerns about the independence of the Federal Reserve, weakening confidence in the United States market. The steepening of the US Treasury yield curve reflects the belief that short-term rate cuts will lead to long-term inflation.