The steady decline of the dollar under President Donald Trump has led to a lot of hyperventilating about its role as the global reserve currency and threats posed by alternatives like the euro or whatever the BRICs have cooking.

Traders are paring bets on near-term rate cuts, and Treasury bond yields are edging higher, amid stubborn underlying inflation pressures tied to the president’s myriad tariffs. Trump himself said through his social media account that borrowing costs should be “3 points” lower. “One Trillion Dollars a year would be saved,” he declared.

The case for a U.S. interest rate cut remains unresolved as Federal Reserve officials head into their policy meeting later this month, with data showing fresh signs of higher inflation and President Donald Trump intensifying his demands for lower borrowing costs.

Inflation is moving higher and the impact of tariffs are only beginning to show up in government data, likely keeping interest rates on hold.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Major Wall Street brokerages have withdrawn their expectations for a September interest rate cut by the Bank of England, as inflation remains sticky and the labour market resilient.

A number of factors, including a lack of significant gains in auto prices, are masking the extent of the shift.