US dollar slides 1.3% after Kevin Warsh warns on inflation
Business
The US dollar took its biggest weekly hit since April 10, dropping 1.3% to near the weakest level in over a month.
This slide happened after Chair Kevin Warsh's messaging stoked worries that the central bank might struggle to bring inflation down to 2%, even with higher Treasury yields.
Japan intervenes as yen jumps 3.3%
Japan stepped in to boost its yen, which made the dollar fall even further: the yen jumped 3.3% against the dollar before easing back when Japan kept rates steady.
Slower US economic growth and a slight dip in the Fed's favorite inflation measure added pressure too.
Still, some traders are betting big on the dollar bouncing back, with bullish positions hitting their highest since 2014 at $49.23 billion.