Opinion: Impaired Federal Reserve independence poses a significant risk to the US dollar and US Treasuries.

Vincent Mortier, Chief Investment Officer of Amundi, stated in the release of their 2026 investment outlook that political pressure may influence the Federal Reserve's decisions next year, posing significant risks to the US dollar and US Treasury bonds. Amundi's main favored assets include fixed income, high-quality credit, and inflation-resistant assets. The rise in emerging market stocks is expected to continue, driven by a weaker dollar and stronger growth in emerging market economies. Amundi expects the 10-year US Treasury yield to remain around 4%. They are more optimistic about similar durations in Europe, Japan, and the UK. The European Central Bank is expected to cut rates twice next year, whereas the market generally expects no change.