US Secretly Sold Euros to Prop Up Yen, Blindsiding ECB

The US Treasury conducted a historic currency intervention — selling euros to support the yen — without notifying the European Central Bank beforehand. ECB President Christine Lagarde only learned of the move after the fact, in a call with Treasury Secretary Scott Bessent. The episode signals Washington is willing to act unilaterally in currency markets in ways that rattle its closest allies.