Viewpoint: The impairment of the Fed's independence poses significant risks to the US dollar and US Treasury bonds.

Gold Finance reported that Vincent Mortier, Chief Investment Officer of Amundi, stated during the release of its 2026 investment outlook that political pressure may influence the Fed's decisions next year, posing significant risks to the dollar and U.S. Treasuries. Amundi is primarily optimistic about fixed income, high-quality credit, and inflation-resistant assets. It is expected that the rise of emerging market stocks will continue, supported by a weaker dollar and stronger growth in emerging market economies. Amundi forecasts that the yield on 10-year U.S. Treasuries will remain around 4%. It is more optimistic about the same duration in Europe, Japan, and the UK. It is expected that the European Central Bank will cut interest rates twice next year, while the market generally anticipates no changes.