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At 10 p.m., the Federal Reserve announced a rate cut.
Starting from June 15, the savings interest rate for all American banks was lowered from the original 3.35% to 3.05%, a decrease of 0.30%.
In today's world, there are four main stream currencies, namely the US Dollar, Euro, British Pounds, and the yen.
The US Dollar constitutes 48.25% of this market, more than the other three major currencies combined, making it an indispensable foreign exchange reserve for countries around the globe.
From nations to individuals, anyone with the means aspires to hoard more US Dollars to prepare for emergencies.
This gives rise to dollar hegemony, or in layman's terms, the ultimate interpretation of the dollar belongs to the Federal Reserve.
Rate cuts, rate hikes, printing more currency—any action by the Federal Reserve can shake the international financial markets.
