The dollar staged a broad retreat on Thursday, as investor gloom over the lack of progress toward defusing the U.S.-China trade war reasserted itself following an interlude of optimism the previous day.

President Donald Trump is badgering the Federal Reserve to cut interest rates, but even if the Fed gave in to the pressure, it wouldn’t necessarily lead to lower borrowing costs for consumers

But President Donald Trump’s new declaration that he has “no intention” of firing Federal Reserve Chair Jerome Powell should — in theory, anyway — be very good news for bonds. It potentially lifts a huge cloud of uncertainty that has been depressing bond prices for weeks.