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Dollar Is Set for Best Day Since July on Fed Pick: Markets Wrap - BLOOMBERG
By Rita Nazareth January 29, 2026 at 10:40 PM GMT Updated on January 30, 2026 at 6:18 PM GMT
The dollar’s surge toward its best day since July accelerated a plunge in precious metals as President Donald Trump announced his pick for the Federal Reserve’s top job: Kevin Warsh, who’s seen as less supportive of deep rate cuts and more worried about inflation. Stocks fell. Bonds were mixed.
An advance of the greenback against all major currencies trimmed its January slide. Long-term Treasuries underperformed. Money markets didn’t react meaningfully to the announcement, with traders slightly increasing bets on two Fed rate cuts in 2026. A slide in commodity shares and big tech dragged down the S&P 500, which was still set for its best month since October.




