# The Dollar Brief - Week of June 24, 2026: Warsh Goes Hawkish, the Dollar Rips > The Dollar Brief for the week of June 24, 2026. Kevin Warsh's debut FOMC sent the dollar ripping and flipped the sell-side from bearish to bullish almost overnight, while the most rigorous reserve-currency read of the week argues the dollar is remarkably stable and the gold story is a price illusion. ## The Dollar Brief ### Week of June 24, 2026: Warsh Goes Hawkish, the Dollar Rips --- A new Fed chair walked in, cut the statement to the bone, scrapped his own dot, and somehow came across as the most hawkish thing markets had heard all year. Kevin Warsh's debut FOMC sent the dollar ripping and flipped the sell-side from bearish to bullish almost overnight. Here's what the desks and the doom-callers are actually saying. **TL;DR** - Warsh held at 3.5–3.75% but the dot plot lurched hawkish, nine of eighteen now pencil in at least one hike, and futures snapped to a ~100% chance of a hike by October. The dollar tested 100 on the DXY. - The institutional FX desks turned outright bullish dollar on rate-differential and US-exceptionalism grounds; the pushback is that the rate edge is *transitory* and the fiscal/political overhang is unchanged. - The de-dollarization and dollar-collapse crowd got loud again, but the most rigorous reserve-currency read of the week says the dollar is "remarkably stable" and the gold story is a price illusion, not a reallocation. --- **What's new** **Warsh's hawkish hold lit the fuse.** The Fed held the funds rate at 3.5–3.75%, but the median dot now sees 3.8% by year-end (a hike) versus a *cut* projected in March, with PCE pegged at 3.6% this year. Warsh refused to submit his own dot, shortened the statement, killed forward guidance, and stood up five task forces. On [Power Lunch](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgmUBGTEGtm1b15J9r6T2-2FGkwBJH3TPhVNB3-2FqKtZ6BrlZdKW5UaOOOMysCE96Rl0irx7WDlIUErxdH8eIAuApR6hQbvbtYVGjpBHcDOxbm7w-3D-3DyaFw_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGrr4RabWo0aYWX4IZcu9rJjd5hsAvi9hiR8OPoGg-2FFy1FMfFDR3PnTThH6tcBVU1r9Mq5BnbYMVnxF1T-2Ff-2Fe2jTOfX6Qm0-2FqQSM7ByAuypcJD1D1Gj-2B8-2BMkiphkL4UgkLQ-3D-3D) (Jun 17), he hammered that "the target is two, not two and something," and the DXY briefly tested the 100 level. On [Balance of Power](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgEJx1gdhmsd5UxY1Qq-2BUWpz8e1Da5lwsDDlZ1q006cKylJ5FiC8XXKH-2F003AOUpebRXSNl2F7ARsAvjnS4xITXL-2BEBO7q37ce5KgcbHDUYzA-3D-3D9gHD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGkF3TFL9Kgyh6-2FMBYlpk9HGcoXSDsph2Lt2yosyKtOodz2WEIGFrk8yXITfHkNhe0OHzsfeQz4qN-2Fjl9BJWie7-2FRHAi4zDTCBQ6XAfMMSJuMurt-2FHpRlrWj6mDEzHTSNSA-3D-3D) (Jun 17), the desk clocked the two-year yield up 13bp to 4.18% and "dollar strength across the board," with President Trump shrugging the hold off as "all right, whatever." **The sell-side flipped to bullish dollar, in writing.** JP Morgan's Meera Chandan opened [At Any Rate](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgCnNdEzWfw3coxqHShFPsKjLj6NehZlfxgK-2BKnk6VQdomJYrCKbT-2BtBm1JmMh3OCdUJBFgI-2BimfyLkcj-2BmYLz8WI4jJgLGtmfb3zuUNfFVRQ-3D-3D_ydk_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGv880do3TJ0kFEhrUCMSNB-2F2s0e917TaqxEsYRv-2BJBrwD3MMpV6OEdq3wKftqv62ip98nnwqRMHyAF5XL1UMn1LOjQXwFZwbq4Hm3vKvYD3A-2FEOHH9sOFhTs-2BaobYxtkQw-3D-3D) (Jun 19) by admitting the house view changed: the year-ahead call was "bullish beta, *bearish* dollar," and "we are now bullish beta and bullish the dollar." She put euro-dollar downside at 113, shifting toward 112 with "110 could also come into play," and framed ~3% dollar upside (up to 4–4.5% if rate differentials widen ~100bp), noting roughly 45bp of the move is already in the OIS strip. **Rate differentials did the heavy lifting.** Bannockburn's Marc Chandler, on [The KE Report](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhNBduYw9nM6CFS5cSedVznItPzdKA6MxQ85Y1AvY2LvIlaG09WxoSbEiBSOVyF80RlJSGXaC9fnWitxlNmjTeRUzJBPamAIXpdecTjOM7dqg-3D-3DUX7X_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGmXBQB5nN5XKjXVdQhSyjy6H7DH-2BMtjGjFAlU9twPYiZfSvKYSWcjxaDr3YWy4IQdcZK-2F-2F-2BJ-2FqwJopv6qMX5rzDc7-2BkCJtURUIUBs37tLHRSY3ZbFFmDIc61ma2qOQ5OlQ-3D-3D) (Jun 19), quantified it: US 10-year yields held roughly flat while European yields fell 12–16bp and Japan fell 7bp, a 15–26bp swing in the dollar's favor that drove it to new year-highs against the yen and the Canadian dollar. His read on Warsh: not the administration puppet some feared, "he repeatedly talked about and generally seemed committed to price stability," and channeling Greenspan-style strategic ambiguity. **Stablecoins keep feeding the T-bill machine.** The structural dollar bid got another plug: on [Thinking Crypto](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiI9w4XUzxpuOvmSIzUwxaBEgK6OpfVX07Hzyk1w-2BNgmipQZZYN4GBX5vNECWokC1eeK92lrpubPeZsAk2LiUHjlC9nzrLCSORh6H2C1llYhA-3D-3DGsH0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGihw0Pn3G2Y8ooa42sDFyVTkzjqM41jVuK5rVV1JEt1VFwU00RU9xOik5lBeZmS-2BO3I4oOijacH9-2BDdpzCyVEP0pi6fcp-2FhfV-2F31wzx3-2Fn7Hn7Bb4kicUYJarIynO1N8YA-3D-3D) (Jun 17), the GENIUS Act framework was tied to State Street's and Fidelity's new stablecoin-reserve money-market funds, with reserves (T-bills, cash) potentially swelling "into the trillions." On [What Bitcoin Did](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjcgwnBrnM2EzCZGngkpxMDaDaCon0d5qwD0U0Dl9PyL6Ae09NcUmN9-2BD-2BKb52Qf9jC-2BKUuxzf3P7ORyvQQDPRGe3QarRHKm5qkVmHcqKfD-2Bw-3D-3DoDVD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGvxkr27cUBke-2FcBTtt2hwCGF4z7qxGYJEbs7lWfz63MTMW6N49rW-2FUt-2BiDCvkE9q6FgWqNklRakopr2lYnl2usCuUllL-2B74PUI-2BGzWAudPH5kK4YPhcduR-2FfoKDMy2ThCg-3D-3D) (Jun 17), Peruvian Bull sized the eurodollar system "north of $200 trillion" and argued stablecoins add "two to three trillion dollars worth of treasury demand on the front end," more dollarization, not less. --- **The debate** *The bull case (the desks).* US exceptionalism plus yield supremacy, the dollar already out-yields more than half the world's currencies, and the classic pre-hike playbook of dollar strength into a first hike. JP Morgan's [At Any Rate](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgCnNdEzWfw3coxqHShFPsKjLj6NehZlfxgK-2BKnk6VQdomJYrCKbT-2BtBm1JmMh3OCdUJBFgI-2BimfyLkcj-2BmYLz8WI4jJgLGtmfb3zuUNfFVRQ-3D-3Dpabl_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGqszOXKixeVFWYreu4YHMWlUirb0HDidZh3Tcbt6yByIY-2B7aFA5PId7Uw2Yz6PgFL2ozsRk4-2BSzvmUvwx0Z8gBAH5NzL6bMAr7v9u4wXnX74JpcTyTsaQqPd2-2FfzBcWGpg-3D-3D) (Jun 19) and Marc Chandler on [The KE Report](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhNBduYw9nM6CFS5cSedVznItPzdKA6MxQ85Y1AvY2LvIlaG09WxoSbEiBSOVyF80RlJSGXaC9fnWitxlNmjTeRUzJBPamAIXpdecTjOM7dqg-3D-3D9wJV_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGjUB7ISlGfjm39r1-2FRoZ3Or6b7m8GrfHtEEwzRrFDAi27YW9E8YxhoJgWwRs-2FlvrM7gFLd9TOVJiA-2FPOYrQ2gr-2FIsmiG6gM1RQxo0GiwKF0GXACD14xAs8q15XL1xKCjXA-3D-3D) (Jun 19) carry this side. On [Forward Guidance](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg8QPaN-2BGEMYOi2-2FvbKEakF2PZxyhkJrrjkcY5GeSmrgYaZAPo43MaH8-2FlSDKaODD3OsJAmKchicBR2I95hUkfm6YE4epMxKDxhuknDjvdFAQ-3D-3DfDWR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGurAMr95XmM9BZFC4Gi2wo7rVfLWZExyh-2BgA8Bg81u4pe-2FKnNJ1vJwfC4j4yp6GyGsuOQK4DSlhWnz5PKIM2kFB4DHskIdLNC7DZIFwKKjvbh-2FTA5MMrlwIdw0yppn7Hng-3D-3D) (Jun 19), the weekly-roundup crew added the liquidity overlay: when global liquidity tightens, "the dollar rallies as capital flees into US assets," and dollar vol is starting to break out. *The bear/skeptic case (also the desks).* MUFG's Derek Halpenny, on [The MUFG Global Markets Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjev1nYHAU2920ndMESN2L6pJK3H2GjzwovPZHLc2waPJV7Lbaf2npEU8Rj-2F1KJEKjB5RVJVAAslsYsDJJICl8GxFCawbZFZ-2Fc5b9eDjrExyQ-3D-3DYgAb_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGon-2F2B-2FMsmFT0gTyrplB49Mvfd34-2Bf1RcqCmEHHY1rNDJZq2IcsZuE3s-2FfYI8wjPuP0DzlR-2BAQyz-2BQsLwUWsVSt7nceCX1Eyp1DSp7-2B12GkGYM4bB4v2KvabOzbI9tzU-2Bg-3D-3D) (Jun 19), called the hawkishness a head-fake for the currency: he doesn't expect an actual hike (inflation has "in or around peaked"), so "the scope for sustained US dollar appreciation is fairly limited." His longer-term worries are unchanged, a ~7% deficit running to 2030–31, November midterms (Republicans likely lose the House), and renewed foreign hedging of dollar exposure. He flagged dollar-yen at ~161, fourteen pips off the 2024 high, with a break toward 165 in play. *The pundit fringe, kept in its own box.* Separately from the desks, the perma-bear commentators were out in force and should be read as opinion, not order flow. Money manager Peter Schiff, on [The Julia La Roche Show](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj7AMOzJ72SOYP-2FOw3f95Ua1wQiqXdNvDS2KB2j1P7nPB0J9-2BXlBSig8ttBJOBCLLrdHn04VHXfhhC5s5Wt4IMIE-2FOWpIXbkQUWUKozWgl37Q-3D-3DvnqP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGloTPIdFmtJ-2F114Eh88UyVZnnq-2BntYYSOnlh7By7ZHgaOk3vib75ISnNnyI-2FAow40WbRXVx8vKay5v2IMpmYIDrV6BHKoMj-2BLyilASEmRfAQ-2Ffb2pfFVlZXoELW4pcZ-2Fjw-3D-3D) (Jun 23), says "the US dollar won't be the reserve currency anymore," sees the DXY below 90 and gold repriced sharply higher. Resource investor Rick Rule, on [The Grant Williams Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhkry14aY-2FDA0dSBBXxit-2F-2Ff8mAd5ATDppufZNxgLZrzfWTGxQ1evmaDMreq0ryuNMqLrO6QZnO-2Fi4WH5nQJ5lgG-2F7lj2iNPlEynMm-2FyI8VDw-3D-3D7rMk_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGlCUTSnqhBqUxCaiva9cenbita2P7mU-2FELXbPb2ZX9WWEh5XKo7hnXV5dL6wdQYfZ0mJtSSr5xmcYlU1S6fNTEbz17HNSFsmZMil8N6f4XpogOVFjWgJSLYrn-2BGD9ujyEw-3D-3D) (Jun 19), figures the dollar loses ~75% of its purchasing power over a decade. Arthur Hayes, on [Markets Outlook](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjXs4ncoJRQtaww7XPTNkTDDrCOMuRpkQ7fGqOZK8H115EvYnsNpeaHbTdmanlvFHBcXO7xB3eEvLjK1KIpKB6-2FuhCUe-2Fb-2BSrTVIG1Y7WICCA-3D-3D-lSO_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGoPOuiPoqkkITXn9RFlSXxxZ6EQE6kq2tccan5QdwgfICQf33289sjCse4pP78S-2B5UacFJEuYPnCagH-2BZF6jpil8DgFpq8OatxF-2B7Nn-2FC5aedLYNH9sQvowMz36sh5SAfw-3D-3D) (Jun 19), goes the other way on Warsh: the task forces are theater, and he's secretly a dove enabling more printing. The cleanest rebuttal to the de-dollarization story came from JP Morgan's Michael Cembalest on [Eye On The Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhUKtGEVZyD23d0qBuYY9R4S7Ly3xch2OgNC8TqsRhZJihEV4fHca762o0YDWTdy07mJGOM-2Fbd1saN4lvB62iuhZPFzjgAlwXzRZ9Zc-2Bo2PFw-3D-3DL6sQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGseVjeq7-2FTOfGzeMf0OzUkHL-2F6gglVcagL4-2BLS3z4S41UEr91aQscbmikQzr6fJmrZREO9Lc7DkVsDW6mJUndd9Qv9feB4Noheh8m-2B-2FGjgCItopl3TUWEmRKXvelQb5tGw-3D-3D) (Jun 23): the dollar is "remarkably stable," took a 10% hit when Trump was elected and has gone sideways since, and his reserve-currency tracker (FX reserves, SWIFT, cross-border loans, invoicing) showed every metric stable through end-2025. The ~3% slip in reserve share went not to the renminbi, yen, or franc but to a "cats and dogs" basket (Singapore dollars, krona, won). And the central-bank gold "pile-in"? "A price issue, not an allocation issue," in troy-ounce terms, allocations are actually *down* over fifteen years. The honest synthesis was voiced on [Marketplace](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgtXFN2SId7SC1NrnmB-2F238q45hm-2BYZcCLUSCi4dvXqtH5Jym-2FvvjTORF-2BNYPUB-2FBX7g4OZgslaNODOcguhtfLdX6J57scMAXW9FIlpwUIKSg-3D-3D13UE_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGiWUBwlsZr0JWptcn0qmuaugRwZRcQ-2B2n-2FN8Mfrr5Fzz2G1CcN27oua0usDzbY-2BYigdWu0dbs-2FpN4vFOI2nmrE-2BSk8-2FAu4WJ64W338n-2BOScwIEPzG37LqX2RydOx41zlvg-3D-3D) (Jun 17): with the dollar still ~60% of reserves, "the only enemy to the US dollar is… our own fiscal irresponsibility," a slow erosion risk, not an imminent coup. **The trades in play** JP Morgan's derivatives desk, on [At Any Rate's 2H vol outlook](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOicSe3Z9dGFmvHltKlAvrY5DCebFXRgiFOtR4BPzpkdaLmEJapRDSFgOkj2WuuqKYqPn7YsWnu0B2e3O6TFr5KGwAOOYuS5GDBcP62MQkrqUg-3D-3Dn7Dy_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGmZjHUv9M28urjMCHUJRM4wSDeFiod0MCsyX7bw3esOTKBUD-2B7U4QPNaE8NmRqt-2FHM0dUZZTXl5rakAX1tBycKQtALC5fz4O9-2F9lxS8gLaAlsSeBGCotsL5yw3j2tnL0iQ-3D-3D) (Jun 19), named the expressions: - **Long dollar vs. low-yielders, via options.** Arindam Sandilia: nowhere are dollar-call premiums "as depressed… as dollar-yen," so dollar-yen calls and call digitals are the preferred vehicle. - **Long dollar-Swiss higher**, geared through correlation structures (short cable + long sterling-Swiss). - **Carry stays the workhorse**, "carry to vol" ratios remain favorable; dollar-yen carry screens best. - **Dollar-CNH risk reversals used *defensively***, the long-dollar-CNH view is consensus and the rates-vs-FX relationship looks stretched, so overlay rather than chase. - On the JP Morgan macro side, the directional expression is **short euro-dollar toward 110**. --- **Read-throughs** - **Rates & equities:** the front end did the repricing (two-year up to ~4.18%, curve compression), and stocks wobbled on the hawkish debut. A firmer dollar tightens the screws on EM and commodities, and per Cembalest, gold's bid is a markup on existing holdings, not fresh reallocation. - **Funding plumbing:** worth a flag, on [Eurodollar University](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjfLwF2ZCs2oGQHmsr8Rz-2BiHBmuMgnPYvuKiV-2BhLPlYzpekYpcbYhMHmG3Tn8iKB4APk41CZw1O7xjrzRkUDdBnoSez3-2Bnq8VGYlBzFOTg-2B6A-3D-3Dyoy3_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGrZKqHoLJH3EP7B-2B8wpnPiJjz60lkbBPFFbJ9-2B8y4ty8F913Y1SeOfdqqGk5dRySaLX-2Bi8vf373FoWiy-2F0VyHzZMDZS5HkfutQ17uLlqv2fe-2BZV8pTcgb1k5apg1-2BMy37A-3D-3D) (Jun 21), the read was that deteriorating Chinese credit creation signals *weaker global dollar funding* conditions, the kind of backdrop that historically begets dollar strength, not weakness. **What changed** The genuine shift this week wasn't a level, it was the consensus. A sell-side that spent the year leaning short-dollar flipped long inside of seventy-two hours, and Fed funds futures swung from pricing cuts in March to a ~100% hike by October ([Notes on the Week Ahead](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgNCntnp3HpRRi-2BNZwL9D9TmYT3NlmocNv-2B5sl6P6Eu8k-2FJWARGDd2yXAxuQ8gk40WM1phqGjije0HLMM3KfjRRnGYhE6DMlEr9h9bGQO84Ug-3D-3D5OkG_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbV-2Fu1o7OG9SNlqP41fNmiGS6uA5FzZDJ84tXQdAZqTRGnzE8sDSHZKSHICjPfoQ5N1IfDE8bhsEljkRT-2FovZ4yyjgY9wULfPmGOfNssT5pXrrb6I6qPNuiZozfHF-2B9M0IIZZ9-2FMFcAuoTyKa1MYpQlpYN-2FAv3730heJ-2BcXHd9Oarw-3D-3D), Jun 22). The dollar bears didn't lose the long-term argument, they just got run over by the rate-differential trade in the short term.