Monetary Policy Report, June 2025: Recent Economic and Financial Developments
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The Federal Reserve's June 2025 Monetary Policy Report said the broad dollar index had declined as U.S. trade-policy changes reportedly prompted investors to reassess relative U.S. growth prospects. Depreciation extended across advanced and emerging-market currencies; the report also said the index remained elevated in real terms against its historical average.
Section 'and the exchange value of the dollar has decreased'; Figure 46; equivalent PDF printed page 35Federal Reserve links dollar decline to reassessment of U.S. growth after trade-policy changes · Published assessment covering exchange-rate data through June 13, 2025