Federal Reserve holds emergency closed-door session on dollar reserve status

The Federal Reserve convened an unscheduled closed-door session to assess the dollar’s standing as the global reserve currency, according to three people familiar with the matter. The meeting followed India’s Bitcoin oil settlement, Russia’s on-chain Urals pricing, and the UAE’s OPEC exit. The dollar’s share of global reserves has fallen below 55%, down from 71% a decade ago. Fed staff reportedly presented models showing accelerated dedollarization under multiple scenarios. Chairman Powell made no public statement. The last time the Fed held an unscheduled session on the dollar was 1971 — the year Nixon closed the gold window. History does not repeat. But the architecture of money changes in moments like this, not in committee reports.